I have been working on my online business idea for about 6 months and have spent about $1500 building the web application (all in cash and from my personal account). I just setup an S-Corp (another few hundred bucks) and want to start separating business expenses (I have no employees, just hire contractors). My questions are:
- Considering that the business may not make money and may be a cost center for a while, should I open a bank account for the corporation?
- How should I pay for future business expenses? For eg: if I have to pay someone $500 for IT work, should I have them invoice the corporation and then pay from my personal account?
- I`ve heard good things about the Amex credit card for small businesses. Any thoughts about that?