Lesson 18 of 25
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Opening Your Business Bank Account

Lesson Summary

Your business bank account is vital to your business’s success. With the rise of companies selling shelf corporations, most lenders determine the age of your business by the date you first opened your business banking account — and not by the date that appears on your Incorporation, LLC, or EIN paperwork.

The date you filed paperwork is not important to lenders, or to the business credit reporting agencies. When it comes to business lending and business credit, it starts from the day your company opens its business bank account.

I cannot tell you how many times I’ve seen business owners denied for business credit because they didn’t open up a business bank account. It’s one of the sure ways for lenders to know you’re separating your business finances from your personal finances. If you don’t, you will appear incredibly risky to banks.

Which Business Bank Account Should You Get?

My answer has always been, and will always be, open up a business bank account with a bank that has many business lending products — loans, lines of credit, credit cards, etc.

This way, you can establish a relationship with a bank that can support your business’s financial needs while you grow.

Next Steps:

Open up a business bank account today.

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