![]() Besides Quicken downloads, I'm also looking to be able to ACH any vendor through bill pay, instead of the bank sending a check if it's not a larger vendor. I replied to a post of yours about Kabbage and Quicken downloads in another thread, but I also wanted to ask how you are liking Axos so far. ![]() Too soon to say whether I like them or not. 81% for an average daily balance of $5000. They have two checking account products: no interest and high interest. They are running a promo now with a $100 bonus if you meet a minimum deposit for two months. I just opened a small business checking account at Axos Bank. He more or less wrote a textbook description, I don't understand where you're getting your information. Will some teller at some branch do so occasionally? Yes, but generally it won't be permitted. Banks will generally not allow checks made out to a business name to be deposited to a personal account. You could also be personally liable for the actions of an employee if you were negligent in the hiring or training of the employee.Ģ. If you don't honor the status of the LLC as a separate legal entity (e.g., by commingling business and personal funds), you could in theory be liable for LLC contracts and the actions of employees. If you are a single member LLC, you are not personally liable for contracts signed by the LLC (and not co-signed by you) and you are not personally liable for the actions of your employees (with some large exceptions), but you are personally liable for your own actions (e.g., you hit a pedestrian while driving the business delivery truck). You are personally liable for all contracts signed by the SP and for your actions and the actions of (if any) your employees (e.g., negligence). If you are a sole proprietor, whether you commingle personal and business funds has zero effect on your personal liability. ![]() Just to address a couple issues discussed above:ġ. Since checking accounts should be free anyway, so not a lot to shop around for, I also like to keep our money supporting our (poor) town/state economy as much as possible. It’s just really convenient to have a local banker who will do you favors. ![]() One call from me, and they got my daughter a good mortgage (with no co-signer) last summer a couple months into her first real job, when other banks wouldn’t touch her for a year or more… They get me in on whatever day/time is convenient, including appointments for OTHER people I’m trying to help get an in with a banker… They will let one signatory set up a new account and the other can stop by whenever to add their signature. Now that we aren’t needing loan restructuring, there are still lots of perks. We swapped banks at least twice our first few years just fot that purpose. Back when we had lots of business debt, I repeatedly extracted increasingly awesome refinances from local banks competing for our business checking account. So, the branch manager and business banker bend over backwards for whatever I ask. IME, our local banks are sooooo eager for our business checking (cash flow about 90-100k/mo, avg balance around that.) Local banks really like small business accounts (assuming you’ll have significant cash flow.) This means that they will give you really excellent service on all other things you might need.
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