Is there really a need for a business account?

As an o/o just working for yourself, is there really a need to have a business account? What possible positives would there be over just starting a new seperate Checking account with your current bank? A lot of business accounts i see, if not all, require fees, minimum balances, caps on monthly deposits without fees etc.

Is there a reason one would elect to do that over opening a new free checking account? I could see the reason for a bigger operation i guess but my question is for a single operator,

Thanks

 

I do not have a seperate business account. I know some do, for over 40 years it has not been a issue for me. I am a 1 truck owner. I keep a envelope with my reciepts and expenses for every month of the year. That helps at income tax time. Works for me.

 

I just use a separate personal checking account, then just transfer over what ever I'm paying myself that month to my personal use, personal checking account.
I think it's best to keep things separate.

 

I’ve always had a separate Bussiness account, though admittedly don’t always keep things separate. I try to, best I can. I think it helps to keep things separate. One Checking account for expenses and payroll draws. One for personal use. In case of audit, cancelled checks for expenses. In case of a lawsuit, Company assets record. Debit card with company name on it. Also, Usually get some perks, like Credit Card offers, with company name on the card. Also makes it easy to see, Revenue, deposits, and overhead spent.End of year, when doing taxes, I go through the check books, in case I missed something, or need the amount spent, on Plates, Ifta, or anything.

 

If you book your own freight from the spot market, you’ll eventually be forced to get a business account under your company name to be able to cash any checks that were made payable to your company name instead of your personal name. That’s the main reason I personally had to open one up.

Maybe another reason to get a business account is if you have an LLC, a corporation, or have drivers.

 

I don't have a separate business account. The way I see it, there's no need. After all, I pay taxes on total revenue less deductions, and that's a fairly simple exercise.
My wife has her own job and bank account, so that makes it a little easier as well.
1 truck, 1 man, leased on to a carrier.

 

Absolutely. I did it all wrong. I got my check and just put it in a bank account and drew off of that. I should have had, I was told, a business account, and paid myself a salary. I paid WAY too much in taxes my way.

 

But now just think..you're collecting that big SSI check? I hope to be in less than 3 years..mayby.

 

$1204/month, and with Medicare deduction( 144.50/mo,,bunch of crooks), doesn't leave a lot left. Still, I'd rather adjust my lifestyle than drive a truck again, and the words "government assistance" have a whole new meaning. Gimme, gimee, gimee,,,

 

Yes,use a separate checking account. Doesn’t matter what the bank calls it. I have four business checking accounts, every one of them free. Local and small regional banks are your best bet, or credit unions if you’re not looking for a banking relationship.