Setting up a business bank account is a simple but crucial step to take early in your business journey. At PRIME, we've partnered with Relay to offer our customers a seamless sign up experience.
Why do I need this?
Having a business bank account when you first establish your LLC is helpful for many reasons, including:
Asset Protection—An LLC can help shield your personal assets from potential business debts. Keeping business and personal finances separate ensures your personal assets stay protected.
Financial Organization—Having a dedicated account for business transactions makes bookkeeping, tax prep, and general financial tracking much easier.
Credibility—A business bank account looks more professional to clients, vendors, and investors than personal accounts.
Why Relay?
We've chosen to partner with Relay as our primary bank account provider because they make the most sense with our customers. Here are a few specific reasons Relay is our provider of choice:
They understand unique formation strategies. Many of our customers opt to form their LLCs under a holding company. Because the holding company is technically the owner of the LLC, some banks require specific documentation to prove that you are the actual owner of the LLC. Relay already understands these formation strategies, allowing you to bypass some of the extra paperwork.
They allow multiple LLCs in one account. This allows for simplified cashflow management for multi-LLC organizations.
They allow multiple accounts for one LLC. This makes custom expense allocation and cost segmentation easier to manage.
They allow up to 50 debit cards per account. If you have multiple members of the organization taking care of business expenses, this is going to be especially helpful.
They offer easy, affordable domestic wire transfers. Only pay $5 per transfer! (Psst... transfers are free with a Relay Pro account.)
Relay is certainly not the only option out there... they're just our favorite! You're welcome to use any bank that works for your business needs. Just make sure to do your research… some banks (like Chase or Wells Fargo) make it very difficult to establish business accounts and can drag out the approval process for several months.
How do I set up a Relay account?
We include a Relay bank account application with every PRIME LLC. If you haven't set up a PRIME LLC, consider booking a free business consultation to learn more!
If you have set up a PRIME LLC but did not get an invitation to set up a Relay account, it may be because you:
Opted out of the application during the call
Set up your PRIME LLC before December 2024
If either of these are the case, click here for more information.