What is Small Business Checking?

Small Business Checking usually refers to a type of checking account opened by a business proprieter, partnership or LLC who has just started a business venture.  A business checking account should be opened as one of the first steps to successfully getting your business off on the right foot.  A checking account provides a way for the business to pay employees and various expenses along with keeping track of your finances.  Many financial institutions like Bank of America, WellsFargo, Chase and Capital One cater to small businesses as they are the backbone of the United States. 

Please refer to our Frequently Asked Questions page for more information on Small Business checking Accounts.

Small Business Facts

• Typically defined as fewer than 100 employees
• Usually privately owned corporations, partnerships or sole proprietorships
• Are responsible for 52 percent of all U.S. Sales
• Over 21 million Small Businesses in the U.S.
• They employ some 55 million people across the U.S.
• Are responsible for more than half of innovations developed during the 20th Century (ie.. PC, Insulin, Artificial Heart and Pacemaker)
• Half of the 21 Million Businesses in U.S. run full-time
• The Average Small Business spends $8,000 per employee to stay in compliance with the government
• Its estimated that small business workers taking home office supplies costs businesses $50 billion a year
• The number of Small Businesses has increased 54% since 1980