Separate Bank Accounts

Keeping separate bank accounts is critical to protecting and preserving your company’s identity.

You should open a separate bank account under your company’s name.

Make Payments to vendors and employees from the company bank account. That includes your salary.

Do not make any payments for personal items from the company bank account.

Deposit payments into the company bank account and not your personal bank account.

Failure to separate your personal and company financial dealings is bad. It makes accounting a whole lot harder. It could lead to claims that your company is a sham and make you responsible for its debts and judgments.

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