A bank account is essential for everyone, be it an individual or a business. Individuals can open a savings account or a checking account in a bank. If you are running a business, then you need to have an account in the name of the business. Even if yours is a one-man show, it is always good to separate the business from its owner. Every business needs to open a bank account in its name to receive payments, make payments, avail of overdraft facilities, and other banking services.
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