Originally Posted by americanrose
|
|
If I might ask one follow up question? What would you say are the reasons behind keeping a business account and a personal account at different banks? I have such great service at my local credit union and had hoped to go through them but if you do think it's unwise I'll take your advice and look into other options.
|
The basis is to make it easier to keep your personal and business accounts COMPLETELY separate. If both are at the same bank/credit union, it is easier to accidentally deposit to (or withdraw from) the wrong account if you forget your deposit slip/checkbook, and it is more tempting to just
transfer money from one account to another rather than writing yourself a check and depositing it in the other account. From an accounting standpoint, separate is better and easier to track
Obviously, it doesn't matter from an actual financial standpoint as long as you have separate accounts for business and personal transactions, especially since an LLC is considered an extension of your personal income.