07/29/2020
Why, you ask? Because it's a liability to have them at the same bank. It's called FDIC Insurance.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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It hopefully won't happen, but heaven forbid a bank close, you lose up to $250,000 per person.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If you have both accounts at one bank, you'll top out at that amount. If you have your personal account at one bank and your business account at another, you could potentially get all $500,000.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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They're are a few more reasons to seperate them:⠀⠀⠀⠀⠀⠀⠀⠀⠀
- Easier paper trail if audited by IRS⠀⠀⠀⠀⠀⠀⠀⠀⠀
- Makes you appear as a business, instead of a hobby⠀⠀⠀⠀⠀⠀⠀⠀⠀
- Makes you look professional⠀⠀⠀⠀⠀⠀⠀⠀⠀
- You can usually find a better deal at another bank⠀⠀⠀⠀⠀⠀⠀⠀⠀
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