Start Your Business
Start Your Business
Additional Requirements
To enhance operational stability, Virginia business owners are encouraged to maintain a separate business bank account to distinguish personal and business finances, streamline record-keeping, and ensure compliance with legal and tax obligations. Additionally, obtaining suitable business insurance such as general liability, property, or workers’ compensation coverage provides essential protection against financial losses and legal claims.
Opening a Business Bank Account
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Once your business is ready to handle money, whether receiving payments or paying expenses, open a dedicated business bank account. This step separates your personal and business finances, which is important for legal protection, accurate bookkeeping, and building credibility with customers and vendors.
Some things to consider:
- Business Checking for daily transactions and bill payments.
- Business Savings – To set aside for reserves or earn interest.
- Credit Card Account – For purchasing flexibility and building business credit.
Business Insurance
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Consider Business Insurance
Even if your business structure offers some liability protection, insurance can fill the gaps and shield you from unexpected losses caused by accidents, natural disasters, or lawsuits. In many cases, certain coverage is required by law. Below is required by the federal government if you have employees:
Even if your business structure offers some liability protection, insurance can fill the gaps and shield you from unexpected losses caused by accidents, natural disasters, or lawsuits. In many cases, certain coverage is required by law. Below is required by the federal government if you have employees:
- Workers’ Compensation – For businesses with employees.
- Unemployment Insurance – State- administered but federally required.
- Disability Insurance – Required in some states.
- For more information on types of business insurance. Follow the US Small Business Administration (SBA) link.
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