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Ask HN: I won some money for my side project, where do I put it?

1 points by plantsoftware ↗ HN
We won a couple thousand dollars in a pitch competition, we plan to spend ~50 bucks a month for APIs. Is it worth creating an LLC and getting a checking account yet, or is there a cheaper option? If not, what bank is best to use?

Shameless plug for anyone interested the project-> http://appointmesh.com

1 comment

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jetti
You don't need a LLC, you can just enter into a partnership and be done with it. The thing an LLC gives you, however, is some liability protection as well as tax benefits.

As for bank, that is going to depend on how much money you have in the bank at any given time. When I opened my account for my business I had ~$1000. That made me look into local banks, since bigger banks like Chase required at least $1500 in the account at all times.