business checking accounts

Discussion in 'Starting a Lawn Care Business' started by Clear-Cut, Dec 27, 2006.

  1. Clear-Cut

    Clear-Cut LawnSite Senior Member
    Posts: 481

    first i have this question.

    if i register as a sole prop. can i use my personal checking account if i have a trade name? if i go the route of registering as a sole prop. i am going to make a trade name (j.m. lawn & landscape).

    i am asking this because i have a free student checking accout now with wachovia. so if i can save $10+ every month in fees that would be great.

    Are there any banks that will not charge a fee for having a balance less than $5,000!? im part time and going to college, so its not like i have $5000 to throw into the account.

    any input?

    thanks,
    justin
     
  2. Military Lawns

    Military Lawns LawnSite Senior Member
    from Florida
    Posts: 321

    I will say as a sole proprietor you are opening the door to a personal lawsuit if you hurt somebody or damage something while performing your job:nono: .

    I have a business account from USAA and they do not charge me a fee for having a certain amount of funds available. Secondly, I have a debit card linked to this account and this allows me to seperate my personal expenses from my business expenses. You need to know where your money is going and if you are being profitable.

    Take Care-

    DJ
    :weightlifter:
     
  3. Josh.S

    Josh.S LawnSite Bronze Member
    Posts: 1,085

    I would just use the same checking account...

    My bank even lets me cash checks to "Mow Right" and I don't have a business checking there..

    It just depends on the bank I guess
     
  4. YardPro

    YardPro LawnSite Gold Member
    Posts: 3,563

    You NEED a seperate account.

    it will be an accounting headache at the end of the year if you have to go through ONE account and seperate business expenses from personal expenses.
    This will also cuase a lot of problems if you ever get audited.

    As for the fees, if you are running your business as a business and pricing accordingly, then the bank fees are miniscule, and also are 100% deductable.
     
  5. Gmgbo

    Gmgbo LawnSite Senior Member
    Posts: 382

    webster bank has free business checking
     
  6. Tadams

    Tadams LawnSite Senior Member
    Posts: 788

    Regions Bank has free personal and business checking accounts. They have several different ones- some that you don't have to maintain a minimum balance at all. They also have free Online banking and debit cards. I would look into them if I were you. That is the bank that I use.
     
  7. Clear-Cut

    Clear-Cut LawnSite Senior Member
    Posts: 481

    looking at your name i am guessing that you are only entitled to use USAA if you served time in the military correct? i know the insurance is like that. and BTW Thanks for serving for us :clapping: and thanks for the info.

    thanks to gmgbo and tadams
    i will be looking into the banks that you mentioned :waving:
     
  8. Clear-Cut

    Clear-Cut LawnSite Senior Member
    Posts: 481

    do you have to be able to walk into the bank at all or can you do everything by mail and internet..because the closest "regions bank" is in virginia...im in jersey lol

    webster is a little closer...connecticut
     
  9. Jpocket

    Jpocket LawnSite Silver Member
    Posts: 2,278

    A business account is the way to go IMO, it's best to keep business for the most part separate from personal.

    That way you know where the company stands and where you stand.

    If you go to a strip club or on a hot date you don't want to be using your business Debit card.

    Not to say that you can't take $100.00 out for a date, but you don't want it to come directly from the J.M L&L account.
     
  10. JJLandscapes

    JJLandscapes LawnSite Senior Member
    Posts: 682

    Questions like this are better answered by going into banks by your house not every bank is nationwide .... but anyway

    Bank of america if you open a personal and business checking account there are no fees on either... Dont use the personal if you dont need it i just keep the balance at zero and i told her i was going to do that when i signed up she said it doesnt mattter

    I also have a commerce business account and they are by far the best bank ive ever seen. Pretty sure no fees on that but it might have been because i have a personal account there as well (signed up at diff times) and they are open 7 days a week it cant get better than that
     

Share This Page