Do you have separate bank acct/credit cards for your soap business?

[Paintguru]

Title says it all. Wondering if this is a requirement, or if I can simply use my personal accounts and keep the receipts from any business purchases. Not sure if having these separate accounts helps make a clearer separation between personal and business assets when it comes to an LLC or if it doesn't really matter.

 

[jenneelk]

I've had businesses the last 7 years. Sold one so just one now (althought im just starting to add soaps to my line) And had seperated accounts from the start.
Do u plan to get a business license? Website? Take credit cards?

It all depends on how far you want to take the selling aspect. But even selling on eBay now you will have taxes.. Easier IMO to have a seperate account.

 

[judymoody]

I don't have a soaping business but I do own a rental property set up as a LLC. We got separate cards and bank account. The divide is cleaner, should a legal issue arise.

 

[onugs]

Yep, I agree. Even if you're doing a sole proprietor having a separate bank account is the way to go.

Sent from my SAMSUNG-SGH-I747 using Soap Making mobile app

 

[Jaccart789]

I agree. I don't have a business yet, but I do think you can get into legal woes if it isn't clear when you have a business mixing with personal funds. I could be wrong, but why not have one just in case. It seems to be simpler in my opinion.

 

[Paintguru]

Thanks everyone. May as well do the separate accounts and be done with it I guess. Now I just need to find a good business credit card with rewards .

 

[Stakie]

I have a seperate paypal account. A business account instead of a regular checking account and separate cards to go with the account.