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Business Checking
Your business will require a bank account,
both to receive and to disburse funds. If
you decide to accept credit cards, most clearing
companies will require you to have a business
checking account for them to place transaction
deposits and to charge transaction and related
fees. A business checking account thus is
probably your most practical alternative.
Business checking accounts generally are
offered on far less advantageous terms than
individual accounts. Banks are concerned
about incurring high costs of processing
large numbers of withdrawals and deposits.
In your business plan, you should try to
forecast the amount of checks you will receive
for deposit or have to write. You should
shop around among banks for the best deal
relative to the volume of activity that you
anticipate.
Also, consult with your legal and tax advisers
on how the account should be titled, and
who should have the authority to sign checks.
You may want to keep this authority strictly
to yourself, or you may want the option to
delegate it to one or more trusted employees.
Confer with both your advisers and the bank
on measures you need to take to prevent fraud
and to recover sums that were improperly
disbursed. |
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