Can a personal checking account be opened to make purchases in an LLC?
I am wondering what is the best bank to use for opening a developer account with apple for selling apps. I have seen that many banks charge $0.40 for transactions which would make no business sense because the bank would make more than the developer per transaction. Can you open a non business checking account with an LLC?
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It is safe to assume that transactions will be batched, so the money will only hit your account once a month, or similar. – Steve Jones 12 years ago
2 Answers
If you are registered with an LLC, you need to have a separate business account, otherwise if it's opened in your name, and you put business funds into it, it's co-mingling of funds, which is very bad. I'm not precisely sure how the Apple App Store deposits funds. If it's an EFT then it should be fee-free, but if it is a wire transfer then there will be fees involved.
What I would suggest is going to your local bank and talking with one of their financial advisers about your business, and get their opinion about what kind of account to open. Likely, they will just suggest a business checking account for you.
Also, to Echo Mr. Jones above, you will likely only get payments from Apple when your account hits a threshold amount, or monthly, so you shouldn't worry about transaction fees so much.
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It's an ETF. I have it set up to my personal bank account, but I don't publish apps under a company name. – Sold Out Activist 12 years ago
Go to whatever bank you use for your personal banking and discuss opening a business account. If anything, having both at one bank will speed transactions from one to the other. And having an existing business relationship with the bank might open up potential rewards such as waived fees.
