About Lesson
Business Bank Account Verification
You must obtain a separate bank account for your business. Business funds and personal funds must be separated.
The date you open your business bank account is the day that lender’s consider your business to have started. So if you incorporated your business 10 years ago, but you just opened the business bank account yesterday, then in the eyes of creditors your business started yesterday.
Everything in business lending and business credit starts the day you open your business bank account.
It is vital that your business name listed on your business bank account matches exactly with how your business name appears on your legal paperwork. It must also match exactly with the business name that appears on your Federal EIN paperwork. Consistency is the key!