what is a business account

A business account is a financial account used exclusively for business purposes, such as tracking cash flow, managing business transactions, and separating personal and business finances. It can be opened in the name of the business, allowing payments to be made and received using the business's name. Business accounts include checking accounts, savings accounts, credit card accounts, and merchant services accounts. They offer benefits such as limited personal liability protection, professionalism, preparedness, and purchasing power. For certain business types like LLCs and corporations, having a business account is mandatory to maintain the legal distinction between the business and individuals. Business accounts are typically offered by banks and financial institutions and come with features designed to facilitate day-to- day business operations