Business banking

For example, the real estate business, advertising business, or mattress production business are examples of industries. Business is a term often used to indicate transactions regarding an underlying product or service. For example, ExxonMobil conducts its business by providing oil. Most businesses operate to generate a profit, commonly called for-profit. However, some businesses that have a goal to advance a certain cause without profit are referred to as not-for-profit or nonprofit.

It is also important to pick the right name, complete the registration process, and get the tax documents and essential permits. The types of small business structures are sole proprietorships, partnerships, limited liability companies , and corporations. Once you have a legally formed business and have been issued an Employer Identification Number , open a bank account specifically for your business. Having a business bank account is essential for keeping your personal and business finances separate which …