Separate Business Account?

[snips&snails]

My bank offered me a business account today & I was wondering who uses one & what are the pros & cons?

[daycarediva]

I have a business checking. It keeps my business income and expenses and personal/household expenses separate. I LOVE IT. I deposit all of my income, leave 15-20% (minimum) in my business checking. I transfer myself over the same amount weekly into my personal checking for a 'paycheck'. My income varies (some parents pay monthly, some biweekly, some weekly) but my weekly 'check' never varies because of this practice. If I want proof of an expense, I simply print off my business checking statement.

The only cons that I see are the fees (my bank charges $7.50/month) and balancing ANOTHER checkbook, which I hate. ::

[Willow]

To avoid the fees associated with an actual business account I simply opened an additional savings account for free. I run all of my daycare payment checks through it and have CCAP deposit reimbursements there, that way I have a solid record of all of my income.

I can then transfer funds to my regular account online or if I happen to make it into the bank or pull them out directly using my ATM card.

Works for me as I don't pay for anything using checks. Everything is cash or debit card to avoid having to do so much record keeping

[kitykids3]

I've got a seperate business account. Mine is free as long as I use the card as 'credit' not debit. They charge 30 cents for each debit transaction. I opened it a couple months after I opened. All my state aid and food program checks get direct deposited it in there. All expenses and income come and go from there. It is helpful cuz if I happen to lose a receipt, then I can still get the expense entries from my bank statement.

[williams2008]

I have a business checking account and mine is free and all my debit transactions are free. I deposit my daycare payments there, and the WIA program I'm on deposit my reimbursements there.

[snips&snails]

Thanks - I think I am going to do it, its free so can't hurt right? Just curious do people pay bills that are shared like rent from the business or personal account?