7: Open a Business Bank Account

Once you have your federal tax ID, you’ll want to open a business bank account for your company.

This is a mandatory step in creating a clear separation between your business and personal Links to an external site. expenses.

Your banking relationships play an important role in your company’s funding potential. Not only does your business bank account serve as a bank reference on credit applications, it also allows provides key data that lenders use during a funding review.