Stage One of the Business Credit Success Guide
How to Build Small Business Credit with No Personal Guarantee

Step 12 ~ Open a Business Bank Account

As a small business owner you are likely also handling the financial record keeping along with running your business.  It will be important to setup a system to keep the business records and organized and tracked separate from your personal accounts.  This will save you time and money in the long-run along with begin to remove your personal liability from your business affairs. The basic financial systems for your business should include:

• Business Checking ~ We recommend setting up business checking accounts at a few different banks and maintaining a significant balance in each. If this is not possible, then try and run your accounts receivable and accounts payable through each so they all can see you are actively in business. Members of this website use and recommend the free business checking with WaMu, Bank of America, KeyBank and HSBC.

• Business Savings ~ A high-yield internet savings account with INGDirect can prove very beneficial for your business.  Members utilize ING’s automatic savings option to store and pay quarterly taxes, process payroll and fund benefit plans.  Start Earning 4.20%. Great rates, no fees, no minimums

• Merchant Account ~ Stop losing sales and start accepting credit cards. Easy approval, lowest rates and quick setup…guaranteed!

A solid and long-term relationships with multiple large banks can and will make a difference in your future success when attempting to obtain business lines of credit with no personal guarantee. Treat them right and they will do the same in return.  Now that you have the base of your financial system setup, let’s start on the process of systematizing your accounting and record-keeping processes.