SSI has an asset limit of $2,000, meaning that you cannot have more than $2,000 in countable resources.
When you are starting your business, you need to think about how it will be structured. If it is a partnership, sole proprietorship or an LLC that files as a partnership or sole proprietorship, you can set up a business account and the money in the business account will not count as your personal assets. If the business is a corporation, or an LLC that files as a corporation, the money in the business account will count as your personal assets.
It is a good idea to structure your business as a partnership, a sole proprietorship, or an LLC that files as a partnership or sole proprietorship so that your business account will not count as your personal asset.
To make sure that your business funds do not count as your personal funds, set up a business bank account and keep it separate from your personal bank accounts. Money in your business account will not count as an asset for you, if you report it to Social Security and give a description of how it is used in your business.
To open a business account at a bank, you will need the following information:
You must keep your personal and business expenses separate.
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To Do: Open a bank account for your business. Use it only for your business.
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