- Credit Card
- Real Estate
I understand the need to separate personal finances and the business finances, be it sole-proprietorship or incorporation. I also understand that in the former it’s optional, but in the latter it is required.
What I don’t get is why do I have to pick from the bank’s selection of “business accounts” (I am talking chequing and savings accounts). Most of the times, those business accounts are more expensive than personal ones, with no extra features that would benefit a small business or contractor-type incorporation.
Can’t I just open a separate personal account and use that for business? If not, why not?
I am interested to hear the answer for both, sole-proprietorship and incorporation.