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We're gonna look at how to open any business checking account for sole proprietors there are a few good reasons to have a business checking account even if you're just starting out one reason is that the IRS wants to know the business is real this can apply especially to those running a business from their home and online business, and they're just starting out so one way to establish that the business Israel is to have a checking account under that business name and to open a business account for sole proprietor which is what a lot of single person businesses start out as one way to do that to establish related T is to open the business checking account and there right now one of the best deals I know of for opening the account is with Chase where they require a fifteen hundred dollar minimum amount in the account to avoid any fees and to open the account you do have to go into the bank physically because of the Patriot Act and when you go into the bank one of the documents you're going to need is a fictitious name statement, or it may be called a trade name it kind of depends on where you're getting at what how they name it in your state in your county so for example in my County I go to the County Administration Building and the fictitious name statement is what I get it's called the office of the recorder, and you just go in there and pay a small fee, and they'll give you a document and there's someone a notary on staff there that can notarize the document so make sure it is no rice, and then you will bring that to the bank along with your ID of course and at Chase at least you don't need to have the minimum amount on hand that day just as long as it's deposited before the end of the first thirty days and just check with the person that's helping you open the account to make sure when that deadline might be if you want to avoid any of the fees so again bring the fictitious name statement to the bank and deposit within a month of opening to avoid the minimum fee another thing that you can do while you're opening the checking account and getting documents together is applied for an employee identification number for that business and if you just do a Google search for IRS business IN you should find and the IRS.gov website a link there that you can apply for this number and this is similar to a social security number for a person but rather than giving out your social security number everywhere you can give out when you are doing things under that business name so for example if you're I know with audible the ADX exchange where you put together audiobooks for any e-books or paperback books that you've created one option is to use your social security number and then there's another if you have an EIN you can use that instead and when you're opening an account with PayPal you can open a business account under this business name and then just link you a new business checking account to the PayPal account and I mentioned before that having a...
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