Got Some Business Done

In late December, I took advantage of the free filing offer from MyCorportation (MyCorporation reviews) and registered my own company for my little online business (and saved $149 filing fee ). I am glad the whole process went very smoothly without any incident. About two weeks ago, the package arrived with the certificate and my LLC has formally been established.

Of course, getting a LLC is only the first step. There are a few other items to add to it so the business looks more like a business . For example:

• Apply for an EIN (Employer ID Numbers)
• Get a P.O. Box
• Open a business checking/savings account;
• Apply for a business credit card

Over the weekend, while celebrating the Chinese New Year, I also got some business done: I got a P.O. Box and opened a business checking account.

Getting a P.O. Box is very easy: Went to the Post Office, filled out an application form, provided two IDs (Driver’s license and car registration)  then paid $29 plus $2 deposit for the keys for 6 months of rental. The box I got is the smallest in size, 3.75″ x 5″, but it’s more than enough for me because I don’t expect a lot of mails.

For the business checking account, after doing some researches on my local banks, I went to PNC Bank instead of Bank of America. For the same reason I have a checking account with a B&M bank, I also want a bank that handles my business banking have a physical presence in my neighborhood so I can deposit a check once in a while. Another reason for selecting PNC Bank over other banks is that the bank right now has a promotion that gives $75 bonus for a new personal or business checking account.

PNC Bank offers four types of business checking accounts and two of them, Free Business Checking and Business Basic Checking, are for smaller businesses. Given the amount of business I am getting, I eventually settled with Free Business Checking for the very reason that it’s free with no monthly minimum. Other features of Free Business Checking include:

• $100 minimum to open an account;
• No monthly fee;
• 200 monthly transactions limit;
• $5,000 monthly cash deposit limit;
• PNC Bank Business Visa Check Card;
• Free ATM at PNC ATMs;
• Free online banking and bill pay;
• Extra rewards points when enrolling in PNC free Visa Extra program;

Not a lot of features, but more than enough I need

Opening a business checking account at PNC Bank is easy, especially since I already knew what I want before walking in the door. The documents required for a business account are:

• LLC certificate
• EIN number (I printed out the confirmation from IRS)
• Driver’s license
• A credit card as the second ID

In about 30 minutes, it was all done. I received 10 starter’s checks and the first order of check is free. The check card will arrive in about 5 business days and after the card is received, I will have to enroll online banking before February 27th in order to receive the $75 bonus. For the $100 initial deposit that I have to put down, $75 a huge return If you are also interested in a PNC Bank business checking account, you will have to act quickly before the offer ends January 31, 2009.

Next task: A good business credit card. Any suggestions?

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