fax, or by mail. If you would like to learn more about EINs and how they can benefit your LLC, read our article, What is an EIN?. Learn how to get an EIN in our What is an EIN guide or find your existing EIN using our EIN lookup guide. Small Business Taxes Depending on which business structure you choose, you might have different options for how your business will be taxed. For example, some LLCs could benefit from being taxed as an S corporation (S corp). STEP 4: Open a business bank account & credit card Using dedicated business banking and credit accounts is essential for personal asset protection. When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil. Additionally, learning how to build business credit can help you get credit cards and other financing in your business's name (instead of yours), better interest rates, higher lines of credit, and more. Open a business bank account Besides being a requirement when applying for business loans, opening a business bank account: • Separates your personal assets from your company's assets, which is necessary for personal asset protection. • Makes accounting and tax filing easier.
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