i get the need to separate your personal and business money.
but can i simply use my checking/savings accounts to do this?
e.g. i empty my savings account into my checking account, so my checking account becomes my personal account. money from business goes into savings account and functions as a business account with less fees.
is this okay to do? any reasons against doing it?
american if that matters.
>>1051549
you should have seperate accounts for tax purposes
>>1051566
>i get the need to separate your personal and business money.
i already know that, but would using an existing savings account solely for business be fine? that is what i'm asking.
>>1051549
If a large company did this they CEO would go to jail.
There is an Entity conflict. You need to open account in the business's name.
>>1051583
It depends what kind of business you have. If it's limited liability, then it's a definite no-no since it's equivalent to stealing from it. If you're a sole proprietor, then it's probably OK. But if I were you, I wouldn't take legal advice from Filipino watercolouring bulletin board.
>>1051785
Other note: savings accounts very commonly have a really low limit on the number of withdrawals you can make per month, like 6. If you aren't ever buying anything with your business, logistically maybe it could work, but you'd save yourself a whole lot of hassle down the line by opening a business account at a bank. Chase's basic business checking only requires like $1500 daily minimum balance, otherwise I think $10/month fee. There's no reason not to have a business account.
>>1051681
>CEOs going to jail
