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Business

Posted Updated
By Grace L
26 min read

Business

General

  1. Business Plan:

    1. Start by drafting a detailed business plan outlining the concept, target market, menu offerings, pricing strategy, marketing plan, and financial projections. This will serve as a roadmap for the business and help you stay organized.

  2. Legal Requirements:

    1. Research and comply with local laws and regulations regarding home-based food businesses, food handling, permits, licenses, and inspections. Ensure that you obtain all the necessary permits and approvals before launching the operation.

  3. Kitchen Setup:

    1. Set up the home kitchen to meet health and safety standards. This may involve making modifications to the kitchen layout, installing commercial-grade equipment, and implementing proper sanitation practices.

  4. Menu Development:

    1. Develop a menu featuring a variety of dumpling flavors and accompaniments. Consider offering options for different dietary preferences and restrictions, such as vegetarian or gluten-free dumplings.

  5. Supplier Relationships:

    1. Establish relationships with reliable suppliers for high-quality ingredients.
    2. Source locally whenever possible to support small businesses and ensure freshness.

  6. Branding and Marketing:

    1. Create a strong brand identity for Qi Dumplings, including a memorable logo, packaging design, and online presence. Utilize social media platforms, food blogs, and local community events to promote the business and attract customers.

  7. Delivery Logistics:

    1. Determine how you will handle delivery logistics, including packaging, scheduling, and partnering with delivery platforms like Uber Eats and DoorDash. Ensure that you have efficient processes in place to fulfill orders promptly and maintain food quality during transit.

  8. Customer Feedback and Iteration:

    1. Solicit feedback from customers to continuously improve the dumpling offerings and overall customer experience. Stay responsive to customer inquiries and reviews to build trust and loyalty.

  9. Financial Management:

    1. Keep track of the expenses, sales, and profits to maintain financial stability and plan for future growth. Consider investing in accounting software or hiring a professional accountant to help manage the finances effectively.

  10. Expansion Plans:

    1. As the business grows, consider expanding the offerings, exploring additional revenue streams, or even opening a physical location if feasible and desirable.

Remember that starting a business requires dedication, perseverance, and flexibility. Stay focused on providing exceptional dumplings and excellent customer service, and you’ll be on the way to success.

Company

Start Business

  1. Conduct market research

    • Market research will tell you if there’s an opportunity to turn the idea into a successful business.
    • It’s a way to gather information about potential customers and businesses already operating in the area.
    • Use that information to find a competitive advantage for the business.

  2. Write the business plan

    • the business plan is the foundation of the business.
    • It’s a roadmap for how to structure, run, and grow the new business.
    • You’ll use it to convince people that working with you — or investing in the company — is a smart choice.

  3. Fund the business

    • the business plan will help you figure out how much money you’ll need to start the business.
    • If you don’t have that amount on hand, you’ll need to either raise or borrow the capital.
    • Fortunately, there are more ways than ever to find the capital you need.

  4. Pick the business location

    • the business location is one of the most important decisions you’ll make.
    • Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect the taxes, legal requirements, and revenue.

  5. Choose a business structure

    • The legal structure you choose for the business will impact the business registration requirements, how much you pay in taxes, and the personal liability.
    • Business Structure

  6. Choose the business name

    • It’s not easy to pick the perfect name.
    • You’ll want one that reflects the brand and captures the spirit.
    • You’ll also want to make sure the business name isn’t already being used by someone else.

  7. Register the business

    • Once you’ve picked the perfect business name, it’s time to make it legal and protect the brand.
    • If you’re doing business under a name different than the own, you’ll need to register with the federal government, and maybe the state government, too.
    • Create account and File online with SCC

  8. Get federal and state tax IDs

    • You’ll use the employer identification number (EIN) for important steps to start and grow the business, like opening a bank account and paying taxes.
    • It’s like a social security number for the business.
    • Some — but not all — states require you to get a tax ID as well.
    • federal tax ID
    • state tax ID
      • Sales Tax Certificate: Print this Certificate and display it in a visible location in the store.

  9. BOI

  10. EFTPS: The Electronic Federal Tax Payment System

  11. Apply for licenses and permits

    • Keep the business running smoothly by staying legally compliant.
    • The licenses and permits you need for the business will vary by industry, state, location, and other factors.

  12. Open a business bank account

    • A small business checking account can help you handle legal, tax, and day-to-day issues.
    • The good news is it’s easy to set one up if you have the right registrations and paperwork ready.

  13. Get ready for the tax

    • https://www.irs.gov/businesses/small-businesses-self-employed/recommended-reading-for-small-businesses

  14. Retirement Plans

    • https://www.irs.gov/retirement-plans/plan-sponsor/types-of-retirement-plans

Business Structure

There are four primary company structures utilized by companies in the United States, which include:

  • Sole Proprietorships
    • This option tends to be a better fit if you’re the sole owner of the company, plan to keep it small, and want to merge the personal and business taxes.
  • Partnerships
    • This option may fit if there’s more than one major financial or practical stakeholder in the company and you’re looking to keep the costs as low as possible.
  • Corporations
    • A corporation will work well if you want to issue stock in the business, favor a strict corporate structure, aim to grow rapidly and expansively, and you’re not intimidated by extensive reporting requirements.
  • Limited Liability Companies
    • This model serves the interests of owners that don’t crave as much freedom from legally-imposed company restrictions as possible and don’t have an interest in issuing stock in their companies.
    • If the ins and outs of how to start an LLC in Virginia suit the needs, starting an LLC in Virginia will protect the personal assets from business-related legal burdens, promote a flexible management style, and allow you to employ a flexible approach to taxation.

LLC vs INC

CompanyLLCINC
Typelimited liability company“incorporated”
DocArticles of OrganizationArticles of Incorporation
ownerCEO -> Member/Managershareholder/CEO/Officer/Director
liabilityseparate from its founders and membersseparate from the individuals who founded it
.same ->如果公司有债务并且败诉，甚至公司破产面临债主追偿，只追究到公司层面，不会追究到股东个人的责任。
.same ->个人资产如名下房产，汽车，银行存款等都是安全的。
Pros.can provide W2
..可以通过支付股东的工资来减轻公司的税负，同时也能控制股东个人的收入。
..股东们可以选择把利润留在公司继续发展壮大，有利于吸引投资者。
Tax: Benefitprofits and losses go straight through to the ownerscorporation distributes its profits to the shareholders (like, dividend)
..税后利润可分给股东, 或者留在公司账上
Reduce Income?YesNo
..corporation is a separate taxable entity with the business’ profits,
..losses taxable to the corporation, not to the owners.
How to Taxowner pays the tax on his or her personal return, and taxed at the individual ratecorporations are taxed at the corporate rate
Tax: pass-throughYes, no federal income taxC corporations 大型公司 (No), S corporations 小型公司 (Yes)
Double Taxsingle level of taxationC corporations (double), S corporations (single)
..C corporations: 大型公司
..by default, will be taxed under Subchapter C. (double)
..if the corporation distributes its profits to the shareholders (like, dividend), that is income to the shareholders
..shareholders have to report on their personal income tax return
..S corporations: 小型公司
..Only individuals, U.S. citizens or residents… can be shareholders
..cannot be more than 100 shareholders (although some family members can be counted as a single shareholder)
..can only be one class of stock (although differences in voting rights are permitted)

INC

  • short for “incorporated”, and it is the abbreviation that is often used to indicate that a business is a corporation. (Example: Time Inc.)

  • When you incorporate a business, you evolve from a sole proprietorship (if you are the sole owner) or general partnership (if there are co-owners) into a company that’s formally recognized by its state of incorporation.

  • In other words, it becomes a legal business entity of its own — separate from the individuals who founded it and the shareholders who will own it over the course of its existence.

LLC

  • limited liability company (More on liability and liability protection later.)
  • Similar to a corporation, when you form an LLC, you are forming a company with its own legal existence — separate from its founders and members (as the owners of LLCs are called).

formation processes

  • To form a corporation, a document called the Articles of Incorporation filed with the state. The articles can be used to opt out of or change certain statutory requirements that the corporation will be subject to otherwise. Certain governing provisions also have to be included in the articles to be effective. After the Articles of Incorporation are issued by the state, an organizational meeting is held to adopt the corporate bylaws. These bylaws govern the internal management of a corporation and the rights of the shareholders. (Nonprofit bylaws are often referred to as resolutions.)

  • The document filed by an LLC is called the Articles of Organization, which contains less information than is required for a corporation. The owners (or members) of the LLC should also create an operating agreement that covers the main provisions for how the LLC will be managed and to clarify the rights, duties, and liabilities of members and managers.

Inc. vs. LLC: Varying tax advantages and disadvantages

Both LLCs and corporations (C corps and S corps) have their own tax advantages and disadvantages.

LLC

  • An LLC is a pass-through business entity for federal income tax purposes.

    • That means it does not have to pay federal income tax. Instead, its profits and losses go straight through to the owners.

    • Pass-through taxation is the default rule.
    • If you have more than one member, If you do nothing, the LLC will be taxed as a partnership under Subchapter K of the Internal Revenue Code.
    • if you are the only member, the LLC will be disregarded completely for income tax purposes

  • single level of taxation

    • Business income equals personal income, so the owner pays the tax on his or her personal return, and it’s taxed at the individual rate.
    • Since only the members pay tax, there is a single level of taxation
    • While a single level of taxation is a good thing, it doesn’t guarantee that being taxed as an LLC is better for you.

  • In some circumstances, LLC owners can earn a substantially increased tax bill through the addition of the self-employment tax, currently at 15.3 percent.

    • And it can also depend upon whether the corporate or personal income tax rate is higher and what exemptions and deductions the owners are entitled to.
    • But if it is to the LLC’s advantage to be taxed as a corporation, you have that option.
    • You can file Form 8832 “Entity Classification Election” with the Treasury Department, and the LLC will be taxed as a corporation under Subchapter C.
    • if you so desire, and if the LLC qualifies, you also have the option to make a further filing to be taxed under Subchapter S.

INC corporations

  • For corporations, there are two kinds for income tax purposes.

    • C corporations
      • be taxed under Subchapter C of the IRS.
      • C corporations are subject to double taxation.
    • S corporations
      • be taxed under Subchapter S of the IRC.
      • S corporations are subject to a single level of taxation.

  • When you incorporate, the corporation, by default, will be taxed under Subchapter C.

    • the corporation is a separate taxable entity with the business’ profits and losses taxable to the corporation, not to the owners.
    • As a result, corporations are taxed at the corporate rate.
    • Then, if the corporation distributes its profits to the shareholders, say in the form of a dividend, that is income to the shareholders which they have to report on their personal income tax return.
    • It’s a double tax, and it can seriously cut into the real dollars earned in the end.

  • However, if the corporation qualifies, you can choose to have it taxed as an S corporation.

    • An S corporation (Subchapter S corporations) is a pass-through tax entity.

    • Although S corporations and LLCs have that in common Subchapter S has several restrictions that LLCs taxed as a partnership or disregarded entity are not subject to.

    • In order to be eligible to make an S corporation election—and to continue to be an S corporation

      • the corporation must meet strict requirements on the number and type of shareholders and types of shares.
      • These rules are imposed by federal tax law, and not state corporation law.

      • Briefly stated, these rules include the following:

        • Only individuals, U.S. citizens or residents, certain estates and trusts, and certain tax-exempt organizations can be shareholders
        • There cannot be more than 100 shareholders (although some family members can be counted as a single shareholder)
        • There can only be one class of stock (although differences in voting rights are permitted)

federal and state tax IDs

federal tax ID

  • Employer Identification Number (EIN) is the federal tax ID.

  • You need it to pay federal taxes, hire employees, open a bank account, and apply for business licenses and permits.

  • It’s free to apply for an EIN, and you should do it right after you register the business.

  • the business needs a federal tax ID number if it does any of the following:

    • Pays employees
    • Operates as a corporation or partnership
    • Files tax returns for employment, excise, or alcohol, tobacco, and firearms
    • Withholds taxes on income, other than wages, paid to a non-resident alien
    • Uses a Keogh Plan (a tax-deferred pension plan)
    • Works with certain types of organizations

  • Step

    1. Apply for an EIN with the IRS assistance tool: EIN Assistant.

    2. The selection of S Corporation as the type of structure applying for an EIN.

    • We must initially classify you as a regular corporation.
    • In order to elect S corporation status for the organization, you will need to file Form 2553 (Election by a Small Business Corporation).
    • Once that form has been approved, we will update the account.
      • A corporation is a person or group of people who establish a legal entity by filing articles of incorporation with the state’s secretary of state granting it certain legal powers, rights, privileges, and liabilities.
      • An S corporation is an eligible domestic corporation that wants to avoid double taxation (once to the shareholders and again to the corporation) by electing this status using Form 2553 (Election by a Small Business Corporation).
      • Generally, an S corporation is exempt from federal income tax other than tax on certain capital gains and passive income.
      • An S corporation is not a sole proprietor or partnership.

    1. Next Steps (for S-Corporations)

      • Complete and file Form 2553 (Election by a Small Business Corporation).
      • This form must be completed in a timely manner to receive S corporation status.
      • See the instructions for complete information.

    2. Acceptance or Non-Acceptance of Election

      • The service center will notify the corporation if its election is accepted and when it will take effect.
      • The corporation will also be notified if its election is not accepted.
      • The corporation should generally receive a determination on its election within 60 days after it has filed Form 2553.

    3. Corrections?

      • If you need to make changes to the organization’s information, you must do so in writing and mail the information to the address provided at https://www.irs.gov/businesses/business-name-change.

state tax ID number

VA

Types of Business Licenses

  • Business licenses include local, state and federal licenses, as well as sales tax and other specific licenses for certain professions.
  • There are also zoning permits to consider.

Steps to Getting the Virginia Business License

  1. Name and form the company

    1. In order to form a limited liability company (LLC) in Virginia, you must first file articles of organization with the Virginia State Corporation Commission.
    2. For service of process, you’ll also need to establish a registered agent in Virginia.

    3. Once you have begun a business, make sure you have the key business details in order and ready for beginning the business license application. You will need:

      • A business name
      • An EIN (Employer Identification Number) or SSN (if you’re a sole proprietor)
      • A business entity type (LLC, partnership, corporation, etc.)
      • A business address and phone number
      • Anticipated revenue and expenses
      • A COI (certificate of insurance) for the business insurance policy

  2. Apply for a local business license

    1. apply for a business license and/or business tax certificate for the city or county.

  3. Determine which professional and occupational licenses may be applicable

    1. The Virginia Department of Professional and Occupational Regulation (DPOR) handles the majority of this licensure.
    2. Various professional regulating bodies and regulated professions and occupations are listed on the DPOR website.
    3. Using dpor.virginia.gov, you should determine which other licenses controlled on the local or statewide level may be applicable for the business and submit the appropriate information to apply for those licenses.

  4. Apply for a sales tax permit and state tax account

    1. If the business is renting or selling tangible goods, you will need a seller’s permit, which is regulated on a statewide level.
    2. You must register with the Department of Taxation to collect sales tax if you will be selling items in Virginia.
    3. You can use the same portal to register for other state taxes accounts as well.

  5. Apply for federal licenses (as necessary)

    1. though the federal government does not require or issue any general business operating licenses, you may be required to obtain licenses with specific government agencies depending on the business’s industry.
    2. Common industries requiring federal permitting include farming, mining, firearms, alcohol sales and aviation.

ALLERGENS ON LABELING The FDA lists nine (9) major food allergens. Listing any of these on the label is a smart business practice and will certainly help the customers choose a product.

  • Milk
  • Eggs
  • Fish (e.g., bass, flounder, cod)
  • Crustacean shellfish (e.g., crab, lobster, shrimp)
  • Tree nuts (e.g., almonds, walnuts, pecans)
  • Peanuts
  • Wheat
  • Soybeans
  • Sesame seeds

In order to qualify for a permit to sell online or at craft shows, business owners must have a commercial grade kitchen that can be inspected by the state. But Emerson said this process can be expensive for a small business to do. She hopes the state will explore other options.

HOME & COMMERCIAL KITCHEN-BASED BUSINESSES

https://www.vdacs.virginia.gov/dairy-kitchen-food-services-businesses.shtml

Food establishments, including private homes, that manufacture, process, pack or hold food for sale are subject to the Virginia Food and Drink Law and related regulations. It is unlawful to operate as a food manufacturer, food storage warehouse, or retail food establishment until it has been inspected and has been issued a permit for the operation of the food establishment. (Note these exceptions from inspection.)

Enforcement of these requirements includes regular periodic inspections of food establishments, including private homes. VDACS’ Food Safety Specialists, also known as inspectors, ensure that any food or beverage manufactured, produced, processed, packed, exposed, offered, possessed or held for sale is safe for human consumption, and in compliance with the Virginia Food and Drink Law and related regulations. Inspectors look for evidence of unsanitary conditions, mislabeling and the mishandling of food products that can lead to unsafe foods. Manufacturers are subject to unannounced inspections and sampling, as well as an annual fee. Further guidance is available in the Additional Resources section below.

If you are interested in starting a catering company, please contact the Virginia Department of Health. Products containing meat are regulated by the Office of Meat and Poultry Services.

Permit Applications:

Additional Resources

Application form

  • Complete the Application Form:

    • Fill out the application form with accurate information about the business. This includes details such as the business name (Qi Dumplings), owner’s name, contact information, commercial kitchen details (name, address, water supply, sewage disposal), number of employees, hours of operation, percentage of ingredients received from out-of-state suppliers, percentage of products sold to out-of-state customers, percentage of products sold retail, and percentage sold wholesale.

  • Obtain Commercial Kitchen Approval:

    • Contact the commercial kitchen where you plan to operate Qi Dumplings and confirm if they allow food businesses to operate in their facility. Request written documentation confirming their approval.

  • Provide Food Processing and Storage Area Diagram:

    • Create a diagram or submit pictures of the areas within the commercial kitchen that will be used for food preparation, storage, equipment washing, packaging, and storing non-food materials.

  • Employee Training and Records:

    • Provide documentation of employee training in food hygiene and safety. Ensure that all employees, including the owner, have received adequate training before submitting the application.

  • Product List and Planned Distribution:

    • List all the dumpling products you plan to offer along with the outlets where you intend to sell them, such as delivery to customer homes, farmers’ markets, grocery stores, etc.

  • Preventing Allergen Cross-Contact:

    • Develop a written plan for preventing allergen cross-contact and conduct a food allergen ingredient analysis for all the products. Ensure that the plan includes controls to prevent cross-contact with allergens.

  • Complete the Allergen Control Plan:

    • Provide a master list of ingredients used in the products, along with information on allergens present in each ingredient. Ensure that all ingredients come from approved sources and that allergens are clearly identified.

  • Review Requirements of Subparts C & G and Exemptions:

    • Determine if the business qualifies for exemptions from certain regulations based on the sales volume and product types. If not exempt, ensure compliance with the requirements, including having a Preventive Controls Qualified Individual and a written Food Safety Plan.

  • Product Information Sheet:

    • Create product information sheets for each dumpling product, including details such as ingredients, step-by-step instructions for preparation, cooking temperatures, cooling methods, storage instructions, and expiration dates.

  • Product Label:

    • Design and provide final labels for each dumpling product, ensuring compliance with labeling requirements, including statements of identity, net contents, ingredients, allergen labeling, name and address of the business, nutrition facts (if applicable), and any claims made on the label.

Business Card

credit card

nameAnnual feeNocashbackoffer
capital————————–————————————————————————–——————————————-
Spark 1% Classic$0[4th]Unlimited 1%.
Spark 1.5% Cash Select$0[3rd]Unlimited 1.5%$750 spend $6k in 3mon
Spark 2% Cash Plus$150 – Spend $150k refund[Good]Unlimited 2% spend 150k?$1,200 spend $30k in 3mon
Capital One Venture X Business$395[3rd]Unlimited 2X miles + Annual $300 travel credit150,000 miles spend $30k in 3mon ($750)
Chase————————–————————————————————————–——————————————-
Ink Business Preferred® Credit Card$95[4th]3x for $150k spent on travel + categories (shipping; social media, advertising; travel, cable, phone), 1x100,000 points spend $8k in 3mon
Ink Business Cash® Credit Card$0[4th]5% at office supply stores, internet, cable, phone + 2% at gas, restaurants + 1%$750
Ink Business Unlimited® Credit Card$0[3rd]unlimited 1.5%$750 spend $6k in 3mon
Ink Business Premier® Credit Card$195[2nd]Unlimited 2.5% on purchases of $5,000+ + unlimited 2%$1k spend $10k in 3mon
Amex————————–————————————————————————–——————————————-
The Blue Business® Plus Credit Card$0[2nd]2X on office supplies, client dinners, 2X to the first $50k + 1x thereafter15k points spend $3k in 3mon
Blue Business Cash™ Card$0[Good]2% up to $50,000 per calendar year, then 1%.250 spend $3k in 3mon
Business Gold Card$375[4th]4X on 2 most categories. 4X on first $150k in combined purchases from categories each year + 1X150k points spend $10k in 3mon
Bofa————————–————————————————————————–——————————————-
Business Advantage Unlimited Cash Rewards Mastercard® credit card$0[3rd]Unlimited 1.5% bad open offer$300 spend $3k in 3mon
Business Advantage Customized Cash Rewards Mastercard® credit card$0[Yes]3% in category up to 50k (gas Office Supply travel, Wireless), 2% dining, 1% (5.25%, 3.5%, 1.75% with checking)$300 spend $3k in 3mon
USBank    
BUSINESS ALTITUDE™ POWER WORLD ELITE MASTERCARD®$195[2nd]Unlimited 2X + 2.5X up to $5,000 in mobile wallet purchases each quarter.75,000 points spend $10,000 in 4mon
Triple Cash Rewards Visa® Business Card$0[4th]5%, 3%, 1% + $100 annual software credit for recurring software subscription expenses$500 spend $4,500 in 5mon

Unlimited 4x + 400 fee:

  • 1w * 4x = 4w = - 400 fee -> 2w = 400 back -> 3w = 800 back -> 5w = 1200 back

Unlimited 3x + no fee:

  • 1w * 3x = 3w = 300 back -> 2w = 600 back -> 3w = 900 back -> 5w = 1500 back

Unlimited 3x + 100 fee:

  • 1w * 3x = 3w = - 100 fee -> 2w = 500 back -> 3w = 800 back -> 5w = 1400 back

Unlimited 2x + no fee:

  • 200 -> $1
  • 1w * 2x = 2w = 100 cash back -> 2w = 200 back -> 3w = 300 back -> 5w = 500 back <——– No
  • 200 -> $2
  • 1w * 2x = 2w = 200 cash back -> 2w = 400 back -> 3w = 600 back -> 5w = 1000 back <——–

Unlimited 2% + no fee:

  • 1w * 2% = 200 cash back -> 2w = 400 back -> 3w = 600 back -> 5w = 1000 back <——–

Unlimited 2% + 200 fee:

  • 1w * 2% = 2w = 0 cash back -> 2w = 200 back -> 3w = 400 back -> 5w = 800 back

Unlimited 2x + 100 fee:

  • 1w * 2x = 2w = 100 cash back -> 2w = 300 back -> 3w = 500 back -> 5w = 900 back

Unlimited 1.5% + no fee:

  • 1w * 1.5% = 150 cash back -> 2w = 300 back -> 3w = 450 back -> 5w = 750 back

BOFA

  • Preferred Rewards

    • Once you’re a Preferred Rewards for Business member, you’ll earn 25% - 75% more rewards on every purchase made with eligible Bank of America® credit cards. View a complete list of ineligible credit cards.
    • the reward bonus is based on the enrolled tier: Gold 25%, Platinum 50% or Platinum Honors 75%.

    • For example, a purchase that typically earns $1 in cash rewards will earn $1.25, $1.5 $1.75, depending on the Preferred Rewards for Business tier.

    • Business Advantage Unlimited Cash Rewards Mastercard® credit card:

      • 1.5% cash back on all purchases
      • You can earn 25% to 75% more cash back on every purchase, when you have a business checking account with Bank of America® and are enrolled in Preferred Rewards for Business.
      • That means you could
        • earn up to (1.5%) 1.9%, 2.4%, 2.62% cash back on all purchases.

    • Business Advantage Customized Cash Rewards Mastercard® credit card

      • 3% in gas & EV charging, office supply stores, travel, TV/telecom & wireless, computer services or business consulting services
      • 2% cash back on dining purchases for the first $50,000 in combined choice category/dining purchases each calendar year
      • 1% cash back on all other purchases
      • You can earn 25% to 75% more cash back on every purchase, when you have a business checking account with Bank of America and are enrolled in Preferred Rewards for Business.
      • That means you could earn
        • up to 5.25% in selected choice category
        • up to 3.5% on dining purchases on the first $50,000 in those combined purchases each calendar year,
        • up to an unlimited 1.75% cash back on all other purchases.
    • maintain program status
      • All you have to do is maintain your qualifying balance and have an open active checking account.
      • Your qualifying balance is your combined average daily business balance in your Bank of America® business deposit and/or Merrill business investment accounts over three full calendar months.
      • The minimum qualifying balance requirements are $20,000 for the Gold tier, $50,000 for the Platinum tier and $100,000 for the Platinum Honors tier.
      • Once you’re a member, you’ll keep your benefits for as long as you continue to qualify for the program.

.

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