For legal and financial reasons, It’s important to separate your personal and business expenses. If your business has started generating revenue, then it’s time to open a business bank account.
There are many reasons why it is important to open a business bank account. Opening a separate account can help protect your personal finances from business-related expenses. In order to get paid by the City of Mobile, you will need a business bank account. Additionally, many loan applications and other certifications require you to have a business bank account.
The Small Business Administration (SBA) website is a great resource for learning more about opening a business bank account. Visit the SBA’s guide to opening a bank account for your business here.