Page 132 - Winning The Credit Game Bundle (CK Patrick)

ness with a professional “expert” only to find that they weren’t
actually able to pass licensure tests for their industry. So please
ensure you meet all the requirements yourself as a responsible
business owner.

BUSINESS BANK ACCOUNT

In order to obtain business credit and funding, your business
will need to have its own bank account. Fortunately, this is easy
to procure once your articles of incorporation and your EIN
application have been approved by your state and federal
governments. You will also likely need documentation of any
business licenses that your city and state require for businesses
in your industry, so that your potential business credit lines can
verify that your business is legitimate and properly licensed.
Once everything is properly registered with the appropriate
government agencies, your business will be eligible for the same
kinds of financial accounts as you are, and then some. Types of
accounts your business may need include:

A checking account. This is an account from which
your business can directly withdraw money to pay
expenses.
A savings account. This is an account where your
business can save money for long-term goals that is
not available for daily spending purposes.
A credit card account. This is a line of business credit
to which expenses can be charged.
A merchant services account. This is a type of account
used by businesses to accept payments from customers.
Deposits can be made to this account through your
payment methods.

Before opening your bank accounts, you will want to check
the offers available to businesses through local banks. Although
it may seem simpler to set up your business bank accounts

120