If you operate your own company, then no matter what field you are in or what type of business you run — limited liability company, corporation or sole proprietorship — you will almost certainly need a bank account to keep your personal income separate from your business income. Business bank accounts have different features depending on the legal structure of the business and other preferences.

Traditionally, a corporate bank account has the most formal requirements. Corporations exist as distinct legal entities, separate from their owners, and have similar rights to individuals — they can incur liabilities, own assets, conduct business, sign contracts and open bank accounts. The only difference is that a corporation is not a natural person; therefore, it must authorise one or more individuals to manage its bank account on its behalf.