Keep Separate Bank Accounts for Your Small Business and Personal Life

by Craig Anthony

0 min read

It’s important to set up separate bank accounts for your business and personal life, and make sure these categories of spending. Having different accounts for each at a bank is either free or extremely inexpensive.

Separating business and personal accounts makes accounting and tax issues much simpler. Having separate accounts helps to keep your personal and business credit histories different, which may have advantages down the road, either on the business or personal side. Keeping your business account separate from your personal account has a psychological benefits, helping you keep your cool and make more rational financial decisions regarding each entity.

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