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How I Setup My Business Bank Accounts

110Breaking down the process into small individual tasks

The small tasks involved in starting a new business can often times add up to become a seemingly overwhelming process when looked at in their entirety. It is important to remember that most of these tasks really are small, and looking at them as such makes things seem a lot easier. In this article I will focus on what I looked at in my situation in order to setup my business banking accounts.

Prior to setting up my banking accounts

To get to this point I had to complete a series of other small tasks in order to have everything ready for setting up my business banking accounts. This included setting up my business address, completing my limited liability company paperwork and receiving my LLC paperwork back from my state’s secretary of state office, and applying for and receiving my Federal Employer Identification Number from the IRS.

Since at this point in my business creation I do not have any real income being generated, I needed to keep all my initial expenses as low as possible. In this case it means finding a business banking structure that will not have excessive fees and preferably have no fees at all. The last thing I want right now is to spend money setting up my business on things like recurring unnecessary banking fees.

What I needed in a business banking account

I started out with a little research using the internet on what was required to setup business banking accounts. There is quite a lot of information available which can be easily found, so I will just document my steps in the decisions I made for my particular setup. There were a few things besides low monthly fees that I wanted from by business banking account.

1. A local convenient branch location

2. A national chain with many locations

3. A good on-line banking service

4. The ability to add on a multitude of business services down the road

5. Low or no recurring monthly business banking service charges

A convenient branch location

The good news is that I was able to find all of these things in my community. I needed a local convenient branch location because I do not want to have to travel all over the place to perform my banking tasks. This is a matter of time-management for me, and in the past I have chosen poorly with personal bank accounts because I thought I would do most everything on-line and not really need something close or more convenient. While I do perform most of my personal banking on-line, I still find myself wishing I had chosen a closer bank when there are times I needed to physically go to the bank. Depending on the types of deposits I will need to make, I envision myself needing to physically go to my business bank in the future much more than I need to for my personal banking needs.

A national chain with many locations

I wanted to choose a national bank with many branch offices because if I decide to personally relocate or setup a business in another location, the chances of having a local branch of the same bank is much more likely with a larger national financial institution. This would mean I would be able to keep the existing accounts with the same bank and not have the hassle of starting over with new accounts at a different bank in order to maintain the same convenience of having a close branch location.

A good on-line banking service

Having a very good on-line banking service is definitely one of the major considerations I had in choosing my bank. In today’s day and age, I want and expect very good on-line banking services including on-line bill pay, statements, account funding transfers, consolidation of all accounts into a centralized site for easy viewing, and most importantly built in functionality to download my accounts easily into financial software such as Quicken or Quickbooks.

The ability to add on a multitude of business services down the road

The ability to add additional business banking services or having a business bank which is easily scalable was also a consideration I had concerning the bank I would choose. This is an area which was not the highest priority at this time because I figured that if the bank I chose met the other qualifications then they would also have the ability to easily scale my business accounts to meet the needs of my business down the road. Merchant services and other business financial services would be some of the things I envision needing in the future.

Low or no recurring monthly business banking service charges

Last on my list would be one of the most important considerations I was having at this point early in my business setup. Low or no recurring monthly business banking service charges with the need to only maintain a low balance in my business banking accounts is a must at this time. I would not be opening my accounts with a lot of money, and I did not want what money I was depositing into my accounts to be eaten away at by service fees. I needed an account that would allow me to have a low minimum balance at the same time avoiding as many fees as I could. Many banks have accounts with no minimum balance requirements and no monthly fees for personal banking accounts, but this is usually not the case with many business banking accounts.

So how did I do?

I ended up opening a business banking account with Chase Bank. They had a convenient branch location close to my home and right across the street from my business UPS Store mailbox, which incidentally is my official business address at this point (See my article on Getting My Business Address.) They met my listed criteria for convenience, and also are a well recognized national financial institution with many branch offices throughout the nation. This means the likelihood of finding another branch close to me if I chose to relocate is much greater. They have a very rich on-line banking service that met all of my requirements for on-line banking abilities, and easily integrated with my Quicken software. They offered many business financial services which were available to me, but at this time I do not require them. It is nice to know I can get these services in the future with them. Most importantly, they were able to structure my accounts so that I do not have any monthly service fees or minimum balance requirements, NONE!

How did I avoid fees?

They had a program where I could open a business classic checking account which would normally have fees unless I maintained an account balance that was more than I would have been maintaining. I could avoid the fees by applying for a business credit card account and linking it to my business checking account. As long as I made at least one transaction a month on the business credit card account then I would not have any business checking account fees. I know the question many will be asking. What about the business credit card fees? Well I made sure the business credit card did not have any annual fees or other hidden fees also. It did not. Believe me I asked many times. There were also other benefits to having a business credit card which initially I did not place as much value on. These benefits included establishing a credit rating for my business which was independent of my personal credit history. This is important because in the future, the business may one day be able to obtain loans without personal liability of the loans by me for the business. Another benefit of having a business credit card is better protection for on-line purchases and fraud when using a credit card versus using a debit card on-line.

Making sure I have at least one transaction a month on my business credit card was easy enough. I simply set-up my internet hosting provider to use my business credit card for the monthly hosting fee of the business. This ensures that even if I choose to use my checking account checks or debit card, which was also free of fees, I will always have at least one charge on the credit card to meet the bank’s requirements for waving all of my business accounts’ service charges. Not a bad deal in my opinion.

What paperwork did I need to setup my accounts?

First I have to say the customer service for setting up my business banking accounts was top notch! I just walked in to the branch office without any appointment and a representative from the business banking department met with me immediately. I made it clear from the beginning that I was small-time when it came to my business at this point. They still treated me like I was a larger business. They took the time to explain everything and answered my many questions. I was approved on the spot for a business credit card with a very nice limit. I plan to never even carry a balance on the card, but it was nice to see I qualified for a respectable line of business credit.

All I needed to set-up my accounts were my personal identification, the employer identification number I received from the IRS, the certificate of filing from the Office of the Secretary of State from my state, and my LLC operating agreement. All of these documents, except for the personal identification of course, were part of the LLC package I received when I filed for my LLC using LegalZoom.com. Everything was in order and I had everything with me to complete the task without having to make any additional trips to the bank for further documentation.


By breaking down the tasks involved in setting up a business, you can decrease the seemingly complicated event by making it merely a series of small uncomplicated steps. In this step of setting up my business banking accounts, I knew what I wanted to accomplish and what I needed before I ever walked into a bank. By having my paperwork in order and by doing a little homework before hand, I was able to complete this task without it being a headache or a frustrating event.

How To Set Up Your Own Private Investigation Business

109Now then, whilst it is possible to be a freelance private investigator, it’s also an extremely good idea to set up your own private investigation company in order to gain more clients and, more importantly, to gain more money. However, setting up your own private investigator company can be confusing at the best of times so that’s where I come in. Here’s a quick guide to setting up your own company in a flash.

Work out What You’re Going to Do

Before you even go about starting your business, you, as a prospective investigator, must work out exactly what sort of services you intend to supply your clients with. For example, are you going to provide clients with debt collection services, tracing or internal theft investigation. That’s only a short list; the list of potential services is endless.

Make Sure You’re Qualified

Once you’ve decided what sort of service you wish to provide, the next thing to do is to ensure that you’re qualified to provide this service. Various rules and regulations state that an investigator should not offer clients any services which they are not qualified to provide. However, if you are not qualified to provide the services, you may still be able to provide them on an agency basis. Becoming a member of a trade association or other professional body can open a large network of other agents who may be able to act on behalf of the private investigators in situations where qualifications are necessary.

Any investigation business should also make sure that they comply with the Consumer Credit Act licensing as well as the Date Protection Act which is a legal requirement for all businesses and therefore should not be overlooked.

Trade Bodies

When it comes to your business, it’s also advised that private investigators become members of professional trade bodies so that they can ensure that they are always kept up to date with the latest government legislation which may affect their business. Whilst larger businesses might be able to provide their own training facilities, smaller businesses should take advantages of all service offers from trade associations and other professional associations.

After the private investigator has insured that they comply with all of the above regulations, they must also make sure that their premises, advertising and investigative equipment meets with all ‘normal’ business rules and regulations. To keep things simple, it’s best to make sure that you work along the same lines as legal service providers in terms of advertising and premises.

Whilst it might seem like a potentially confusing, not to mention daunting task, setting up your own investigation business needn’t be a legal minefield. As long as you ensure that you work within the guidelines set by the government, your business should become successful and legal. If you are still confused about some of the legal requirements, it might be worth seeing a legal advisor who will be qualified to instruct you on how best to go about setting up a legal private investigation business.

What Do I Need to Set Up a Successful Concrete Mold Business and Make Huge Profits?

108So you may have started to look around for a way to make some additional income. You want to make good money and be your own boss.

How about starting your own decorative concrete molds business??

What do I need to get started?

Well most of these items you may already have around your house or shop. So setting up and starting your own business can be inexpensive and the profits are huge.

1. Molds
Probably one of the most important pieces needed. If you have poorly crafted and low quality molds your finished goods will look it as well. There are lots of varieties of molds in the market. Aluminum, single use plastic, rubber, fiberglass, wood, and even nature itself.

But if you want the best and most reliable molds that give you the least amount of grief, a good latex rubber mold with a fiberglass casing to support the rubber is your answer. Sure you can buy cheaper molds that you need to sit in some sand and pack around it, but you can’t always get it right. THose molds can be frustrating to use and cut into your profit because of all the fiddling around you will have to do. How do you vibrate any air bubbles out if the item is buried in your sand box? With molds that have self-supporting cases you everything is self-contained and easy to use. You can pour right in the mold, shake out the bubbles, and set the mold aside to dry.

Also when you have a quality rubber mold, it allows you to get the detail of a professional sculptor.

So quality molds produces quality garden art, which puts more money in your pocket for your effort.

2. Cement and Sand and Stone and Water
Cement – bagged Portland cement from any hardware or building supply store. Yes you can use the QuickCrete mix if you wish but then you are paying for sand and stone at retail prices. I recommend getting a white Portland cement. It may cost a bit more but produces a nicely colored item.
Sand – Dry, clean, and washed course river sand.
Stone – a pea gravel works well. It is not necessary for smaller molds but does give strength to the cement. The stone will not show in your finished item.
Water – fresh clean cold water

3. Mixer
Your mixer could be a simple wheelbarrow or small electric mixer. Most people have a wheelbarrow lying around, so by using it does not add to any startup costs. With the wheelbarrow you need to hand turn the cement/stone/sand/water mixture until you get the right consistency. With a mixer you simply add in your sand/stone/cement/water and let the mixer spin while you do other tasks. They can be purchased for around $500 and use a simple household electrical plug.

4. Tools
Shovel – for scooping your sand and stone
Bucket – for moving mixed cement and pouring in your mold
Rasp/File – for cleaning up any edges of the finished cement garden art
Screwdriver, hammer and pliers – always handy to have around

5. Release agent
The release agent is an oil or waxed based product that is applied to your molds before pouring in the concrete. It creates a barrier between the mold and the cement so they do not bind and are easily released when dry. Release agents also help to extend the longevity of your molds by keeping them soft and not allowing the cement to pull bits off the mold. Different molds take different release agents so it is best to ask the mold manufacturer. Some latex rubber molds need a non-petroleum based oil so as not to destroy the rubber and cause it to soften and melt. You can either mix your own release agent with castor oil and mentholated spirits or buy a premade mixture. Release agents are usually hand rubbed or lightly sprayed on to your molds.

6. Table
Just a simple place to allow you to work on finishing your dried art work at an eye level vs working on the floor.

7. Paint brush and paint
How are you going to finish your dried concrete garden art off? You can leave them the simple white or grey concrete, but by adding color you can add more value and charge more for them. A good quality exterior paint works best. Remember to leave the bases unpainted to allow the cement to breathe.

8. Rags
OK pretty basic clean up tool!

9. Vibrating table
This is an optional accessory. A vibrating table is a metal platform mounted on springs or rubber with a vibrating motor attached. The vibrating shakes out the trapped air bubbles and settles the concrete for a nice clean finish. They cost from $500 and upward. For smaller molds a simple rubber hammer and hand shaking will work just as well.

Professional Help For Offshore Company Set Up

107Offshore company formation marks the success and growth of a business. However, it is important to understand the rules of the foreign locale as the new setup has to be formed on an international destination outside the country of residence. For businesses setting hold in different countries, keeping a watch on the rules, regulations and policies is an intricate practice. This should not be a limiting factor as many service providers out there are ready to offer help to business personnel with necessary guidance and important advice to get started. With these services to help, it becomes easier to achieve the international business objectives.

What do these experts do?

The objective of the offshore consulting services is always inclined towards the business needs of their clients. They hold rich industry experience in offshore business development consultation in multiple areas including trusts, company formation, bank accounts, yacht registration, gambling licenses among others in multiple jurisdictions. Their services are also important in the management and regulation of financial aspects of any business.

The professional team has rich knowledge and expertise required for offshore company setup legally. Aside from company set-up, they also offer help in other affairs including offshore asset management, collaboration with attorneys, trustees, notaries to prepare their clients for the legal practices for their security in the foreign national. The offshore consultants work with a team of professionals having knowledge in various fields, so they are able to build a network that is of great help in the offshore company foundation.

Hiring these consultants has many advantages

Innumerable benefits and opportunities knock the door when hiring these services. The corporate consultants that help in offshore company setup provide one-stop solution to every problem that business owners face when it comes to forming an international office.

They offer valuable consultation on:

  • Tax optimization opportunities
  • Offshore business setup
  • Flat rate taxation
  • Asset protection
  • Successful maintenance of corporate work culture
  • Finding a site for the office

All these advantages provide a solid reason to seek these services when trying to set up a business to an international destination. With all the important details taken care of by them, clients have very little to worry about when it comes to setting an offshore organization. Therefore, these services are extremely valuable when it is about starting a new venture by entering into international trade. Moreover, benefits come only when an experienced and reputed consultant is chosen for help.

Specially Designed Setup To Trap Your Business Launch Problems!

106Launching a new venture in a particular jurisdiction is a specialist job. Different registration and licensing requirements must be fulfilled so that the new venture can be launched effectively. In the same way how efficiently a Limited Liability Company is launched will require adhering to specific requirements. At the other end of the spectrum launching in a free zone or in an offshore location must be dealt in accordance with the mentioned requirements. Going through all the details and ensuring that everything is properly dealt with requisite expertise in this particular domain.

The launch process is generally outlined in detail. However the scope and value of every phase of the launch will be different. Since the activity is composed on different types of solutions that are strongly connected it becomes vital to outline the sustainability of the value chain of the launch. The cost of overlooking a particular factor may be expensive since its value might impact different areas. An expert would ascertain the value associated with every step during the launch and the reasoning of undertaking a specific approach. Perfection is necessitated in launching new ventures since high investment is incurred in the project.

How about engaging an expert to launch the new venture? This is a strategic decision and the engaged expert must have a thorough understanding of the nature of the business that is being launched. Small and insignificant matters may sometime produce big effects. Therefore an expert would be the best bet to ascertain how every aspect of the venture launch needs to be planned and implemented. This partnership can give you a firm grip on different matters. Resource efficient venture launch must be exercised since the expenditure related to every variable may fluctuate during the launch process. Therefore compliance with the legal obligations is mandatory in ensuring that the launch does not become controversial.

Business setup provides the means and the acumen to use good judgment in launching new ventures. Only when every aspect is effectively addressed and attended the outcome would be productive. Furthermore the expert will offer practical solutions. Keeping different matters into perspective and how the launch would be affected in the long run should be an important consideration for the client. A list of successful launches by the expert testifies their experience and proficiency in offering pragmatic solutions to the clients. More importantly a centralized execution plan will developed so that every aspect is properly monitored and in case of any inconsistency it can be rectified immediately.

Optimization of a solution can vary in nature and perspective. The suitability to launch a particular business in a specific jurisdiction will require intense research of different variables and documenting them to develop an appropriate operating framework. For that reason Business setup is a custodian of implementing tailored approaches that fits in the most apt manner for the new launch. The team is composed of dedicated professionals having high level proficiency in different sphere of influence. The system will be arranged so that it resonates with the set of qualitative control systems that have been initiated by the management. In this respect how the procedure is approached will determine the demand and supply of different elements that are necessary in a perfect launch.