Why do I want a company bank account?
Nearly all startups will need a company bank account, and having a company bank account in turn requires being incorporated.
When you establish a company with Gust Launch, you are creating a new legal entity that can do almost anything a natural person can, including owning assets and money. This means that whether it’s paying company expenses, hiring employees, accepting customer payments, or raising funds, your company will be handling funds that belong to the company and not you. Even if you own 100% of the company shares, it is important to respect the line between your personal money and that of the company. That avoids the loss of liability protection that arises when commingling personal and company business.
In fact, for things like funding payroll obligations and accepting credit card payments, banks and other financial institutions will probably insist on your using a company bank account rather than a personal one.
Last updated on August 21, 2017