lust formed my entity

[David Lichtenstadter]

Hello my BP members, so I just formed my entity

working under a investor and in the future invest myself using this business entity, so here is my question, if anyone could please chime in that would be really appreciated, do I need to open business bank account or could I just link my personal bank account to this entity ? And secondly if I do need to open a business bank account would you guys recommend a big national bank or a small local bank to be able to build credit/mortgage/portfolio lending/line of credit ? And thirdly does anyone have any recommendations for a national or private bank in Hudson County NJ ?

Any additional information/advice would be well appreciated.

Thanks

David

I'll add some keywords for the locals to chime in, Jersey city Union City Hoboken Bayonne West New York North Bergen Guttenburg

[Jeff B.]

ALWAYS get a checking & savings accounts in the Entity Name, otherwise you are Commingling funds and that's a B I G no no.

[Ryan Goldfarb]

Definitely set up a business bank account. It'll make your life SO much easier when tax time rolls around and for tracking expenses as projects progress.

Shop around to difference banks. I went with Chase to stay consistent with my personal accounts and because their branch is a few blocks from me. Many accounts require a minimum balance, though.

Local banks may be more flexible and that will be beneficial down the road should you decide to establish a real estate banking relationship with them. Do a little research beforehand, though, and see what their RE lending platform is like.

[Account Closed]

Lust has formed many entities refereed to as children.

[David Lichtenstadter]

Jeff B. Thanks for your advice
Ryan Goldfarb thanks for your advice, well my first stage in shopping around is asking my fellow BP members
Tim Chapman typos could happen by everybody...

[David Lichtenstadter]

Ryan Goldfarb any advice on how to shop around aside from BP ?

Thanks your advice will be appreciated...

[Ryan Goldfarb]

Originally posted by @David Lichtenstadter:

Ryan Goldfarb any advice on how to shop around aside from BP ?

Thanks your advice will be appreciated...

Check banks' websites for their business banking programs, or call to discuss with a banker directly.

[David Lichtenstadter]

Thanks Ryan Goldfarb will do

[David Zheng]

I was hoping for some sappy love story...a coincidental business pact with a lover, a climax where she found someone else and stole it all, and a strong resolution where you got back on your feet.