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In this video, I discuss whether you need a separate business bank account for your LLC or can use a personal bank account for your business. While using your personal account for business purposes is technically possible, I highly recommend against it because establishing an LLC, which is a distinct legal entity, makes it easier for taxes and protects your personal assets in case of a lawsuit. Mixing your personal and business finances will create confusion and destroy the protection that your LLC has over your personal assets.

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Be sure to watch this video all the way through because I’ll cover everything you need to know as a beginner business owner and the benefits of having a business bank account. With a business bank account, you have increased professionalism, access to business credit cards, and the ability to accept credit card payments. Overall, a separate business bank account offers significant advantages for your LLC, with business credit being the main perk. There are many business credit cards out there that have amazing benefits, rewards, and access to a point system where you can get free flights, cash back, and more for money that you would have spent anyway.

If you found this video helpful, check out our other videos about business credit:

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Thanks for watching! I hope you have a wonderful day!  

-Joey

#BankAccount #BusinessCredit #LLC

Timeline:
0:00 - Intro
0:30 - Easy Tax Payments
1:25 - Losing Protection On Your Assets
2:10 - Professionalism
2:43 - Access To Business Credit Cards
3:43 - Final Answer
4:45 - Outro

Disclaimer: Some of the links above may be affiliate links, meaning I may receive a small commission if you click on them. The commission is paid by the retailers at no cost to you, and this helps to support our channel and keep our videos free. Thank you! All info from our videos is compiled from online sources and our own experience, and we encourage you to do your due diligence. We appreciate your viewership!  

StartupWise is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as Milevalue.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. Terms apply to Chase benefits and offers. Enrollment may be required for select Chase benefits and offers. Visit chase.com to learn more.

In addition, we are not financial advisors. StartupWise does not provide tax, legal, or accounting advice. The ideas presented in this video are for entertainment purposes only. Please do your due diligence before making any financial decisions.