<\/span><\/h3>\n\n\n\nThere\u2019s one last step you need to take before your small business is ready to take off: setting up a business bank account for your LLC. <\/p>\n\n\n\n
Many people either forget this step or overlook it when starting an LLC. <\/p>\n\n\n\n
A lot of business owners choose to use their personal accounts for both personal and business expenses, thinking that they\u2019ll be able to tell the difference between the two. But this isn\u2019t an advisable business tactic for two important reasons. <\/p>\n\n\n\n
The first reason is that even though your personal information is protected when you form an LLC if you use a personal bank account for business expenses, that protection is essentially nullified. This can leave you vulnerable to personal lawsuits. <\/p>\n\n\n\n
The other reason is that although you may be able to determine the difference between business and personal expenditures now, that becomes a lot more difficult several months later when tax season rolls around. This makes filing your taxes a lot more complicated than it needs to be. <\/p>\n\n\n\n
In order to save yourself a lot of hassle and keep your private information private, just open a business bank account. <\/p>\n\n\n\n
You\u2019ll need a bank kit to start a business bank account. A bank kit includes things such as a copy of your Articles of Organization, your EIN, your initial resolution, and a copy of your Certificate of Good Standing. <\/p>\n\n\n\n
LLC formation services in the state of Virginia can make this process a lot easier because many of them include bank kits that include all of the things you need to open a business bank account (EIN, Certificate of Good Standing, and other formation documents). <\/p>\n\n\n\n