Personal and Business accounts

[mosonk]

Can someone tell me what's the difference between a business account and personal account? In China, you must have your company account first efore you set up a company. Here, you can get a business licence without any bank information for the business. Now, I have some money for business, which I will not use for at least 6 months. Should I put the money in my personal account or I should set up a business account now?

Any suggestion will be appreciated. Thanks.

 

[kliu]

Can someone tell me what's the difference between a business account and personal account? In China, you must have your company account first efore you set up a company. Here, you can get a business licence without any bank information for the business. Now, I have some money for business, which I will not use for at least 6 months. Should I put the money in my personal account or I should set up a business account now?

Any suggestion will be appreciated. Thanks.

A business account allows you to use your business name for deposit. Your check will show your business name instead of your own name and your own home address.

If you are the only owner (not a corporation, but just sole prioprietor), and your personal account is solely used for business, you can still use your personal account, but just make sure you don't mix up your personal finance with it otherwise when tax office audit you, you will have major issues.

 

[mosonk]

Hi kliu,

Thanks for your suggestion. I have further questions:

1. What's the save interest rate for business account?
2. Is there any bank give better service for business activities? I know people try to find a better banks for their personal account purpose. Any suggestion abouth the banks?

Look forward to hear from you>

 

[kliu]

Hi kliu,

Thanks for your suggestion. I have further questions:

1. What's the save interest rate for business account?
2. Is there any bank give better service for business activities? I know people try to find a better banks for their personal account purpose. Any suggestion abouth the banks?

Look forward to hear from you>

1. Every bank is different, but in Canada, the interest rate is very low anyways. If you want higher interest, try ING direct. It's for saving only, so you can't write cheques.

2. Every branch is different. What do you need from the business bank account? Do you need to accept Interac or Credit Cards? If so, setup the merchant account and ask them which banks they prefer to deal with.

 

[noon]

Can someone tell me what's the difference between a business account and personal account? In China, you must have your company account first efore you set up a company. Here, you can get a business licence without any bank information for the business. Now, I have some money for business, which I will not use for at least 6 months. Should I put the money in my personal account or I should set up a business account now?

Any suggestion will be appreciated. Thanks.

You need to registar your business first, then open a business account in the bank. The bank will not open a business account for you without prove of registration. Just like you go to the bank to open a personal account, the bank will not open the account for you without valid ID and address. If you have saved some money for your future business, you can deposit under your personal name.

 

[mortgagegopher]

Can someone tell me what's the difference between a business account and personal account?

Any suggestion will be appreciated. Thanks.

In general, business bank accounts charge more monthly fee than personal bank accounts.

 

[mosonk]

Dear all,

Big thanks for all your advices. Accoding to the information, I decided to put my money on my ersonal acount that I just opened at PC financial. The rate for saving account is 4.1. I am a beginer in the business field, and still not very familiar with the business account. It is never too much for me to learn from you every one. Hope to see you all here often.

Thanks again.