Open a business bank account (separate your money)

michael@dankacorp.com (Michael McHugh) — Fri, 24 Jul 2026 20:48:26 GMT

One of the first steps to starting a business should be opening a business bank account separate from your personal account. This enables you utilize the full value of an LLC. Creating separate personal and business bank accounts protects your personal assets. This separates Michael the individual from Danka the business. It will protect you in potential legal proceedings. In worst case scenario situations, separating yourself from the business protects your personal assets from any potential lawsuits.

My legal understanding of this is that the "Corporate Veil" separates you from the business. This is why the first few steps we recommend when starting your business is:

1. Incorporate as an LLC or Corporation

2. Open a business bank account

3. Deploy an accounting software and connect your business bank account.

This will enable you to understanding your businesses financial performance on an ongoing basis. Please reach out to our team if you could use any help in this process!

Danka blog

Open a business bank account (separate your money)