How to Open a Business Account and get a DBA

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One of the questions I get all the time is how to open up a business account specifically a business bank account and get a DBA and if you don't know what a DBA is it's a doing business ass. So let me walk you through this process really quick I've done this a few times now and it's very important if you're gonna be starting a business. So if you want to get a business bank account you need to be some kind of a business entity there's a bunch of different types and I'll talk about in another video all the different types that are LLC S Corp C Corp or just a sole proprietor. So for instance with effective e-commerce of this company I turned it into a DBA because there's no reason to do all the headache and paperwork and pay all that money to turn it into an LLC or an S corp because I don't really have a lot of liability there's not really I mean it's not like a lot of people are gonna be able to sue me over something and if they did they probably wouldn't win. So I don't need to protect myself now if you're selling supplements or something that potentially can be dangerous LLC is probably much more interesting but that's for another video. So let's save that for another time the first step if you want to get a business bank account is to become some kind of an entity I recommend just going with the DBA if you're not sure which one to do I talked to a tax adviser about this and he says look if you're doing under five hundred thousand dollars just do it as a DBA because it's. So much cheaper you can go on Legal Zoom it's only 99 dollars you can get a DBA. So the whole process is you've got to file for some paperwork which LegalZoom walks you through and then you have to post an ad which LegalZoom also does for you in some kind of a newspaper declaring that you're a business. So that if other people want to say hey effective e-commerce that was the name of my company you can't steal that they can see it it's a little bit complicated basically forget all the complications pay the $99 go to legalzoom.com file for a DBA once you get your DBA paperwork you can take it to a bank I personally highly recommend going with US bank the reason is a lot of other banks want to charge you US bank did they'll allow you to have a small business bank account for free which is really nice I don't remember exactly what the minimums are but it's pretty low minimums or maybe there's no minimums I'm have to double check on that but that would be the next step and then once you have your bank I recommend for tax purposes all your business stuff and do through that bank account get a separate dedicated credit card that all your business expenses go through makes taxes was. So much easier don't intermingle your personal and business stuff it's. So many different reasons not to do that. So that's it for this video if you have any questions please leave it in the comments below if you liked it make sure you click that subscribe button and last if you want some free tools a bunch of different checklists and stuff like that I have my free ecommerce success that I can get it by clicking up here that's it for this video I hope you enjoyed it and if you have any questions please let me know thank you so much!
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