DL Virtual Business Support

As we continue to share and educate you all on the different types of Business Entities

Today we discuss a...

"Partnership Business"

A partnership is a formal agreement by two or more individuals to manage and run a business and share its profits. They come together jointly with the aim of sharing a common goal.

Profits and Losses are shared according to their profit-share ratio. Eg. 50-50, 40-60, 80-20.

Examples
Beauty industry (Makeup artist and Hairdresser),
Car industry (Car straightener, Car painter)

If you believe this business model is right for you, let us help you throughout your journey in starting up your Partnership Business today!

Contact us today via message or email us at [email protected]
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DL Virtual Business Support Benefits of a Business Bank Account

Firstly let's shed some light on what exactly is a business bank account. A business bank account is exactly what it sounds like….. Have a bank account but strictly for business purposes.

You may ask, why exactly should I get one though?

You see… if you are currently a business owner, whenever your business starts to take off and prosper, you would start receiving large sums of monies deposited into your personal bank accounts, and it however, tends to raise a ‘red flag’ to your account. To avoid this confusion and also the commingling of your funds it’s best to keep money from your business separated from money from your personal savings.

Enjoy these benefits when you decide to open your business bank account. Yes, you can have more than one business bank account if you like!
-Avoid ‘red flags’ and having your account monitored and shut down

1-Have your customers make bank deposits to your business account (safe cashless system)

2-Have proper records of expenses when preparing Financial Statements eg. Profit and Loss accounts, and Bank Reconciliation Statements

3-Access to Business Loans and Credit Cards

4-Access to a Linx Machine

5-Get a checkbook with your Business Name

We hope that you were well educated on Business Bank Accounts to make an informed decision on getting one once you start up your own business.

We can provide you with additional banking assistance if needed.

Feel free to reach out to us!!!
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Happy Sunday evening everyone from dl virtual business support