Additional Requirements

To promote stability and organization, Virginia business owners are encouraged to keep a separate business bank account that distinguishes personal and business finances.

This streamlines recordkeeping and ensures compliance with legal and tax obligations.

Separating finances in this way can be 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.

When choosing a bank, take time to compare fees, interest rates, and available perks. Evaluating these factors side by side helps you find the best fit for your financial needs.

Helpful Hint: An Employer Identification Number (EIN) is required to open a business bank account.

Business insurance plays a vital role in safeguarding your company against risks that could otherwise disrupt operations or threaten financial stability.

It may help cover the gaps and shield you from unexpected setbacks or events caused by accidents, natural disasters, or lawsuits.

Obtaining business insurance such as general liability, property, or workers’ compensation coverage can provide essential protection against financial losses and legal claims. In essence, business insurance is more than a precaution—it’s a strategic investment in resilience and long‑term success.

The following are required by the federal government if you have employees:

• Workers’ Compensation: For businesses with two or more employees.
• Unemployment Insurance: administered but federally required.

For additional information on types of business insurance, visit the US Small Business Administration (SBA).