Business
Build your dream
Running a business means more than having a great idea. It means managing money, protecting what you build, and planning for growth. Strong financial habits help businesses survive and scale throughout every stage.
Business 101
Best practices
Here are some important business best practices that you can use in your daily life.
Separate business and personal money
Opening business accounts protects you legally, simplifies taxes, and keeps finances organized and professional.
Track cash flow monthly
Knowing when money comes in and goes out helps prevent shortages and supports smarter decisions.
Build business credit intentionally
Strong business credit improves access to funding, protects personal credit, and supports long-term growth.
Plan for taxes year-round
Setting money aside regularly avoids stress, penalties, and surprise bills.
Know your numbers
Understanding revenue, expenses, and profit helps you price correctly and plan confidently.
Build a financial cushion
Emergency savings help businesses handle slow seasons, repairs, and unexpected challenges.
Reinvest intentionally
Thoughtful reinvestment in tools, people, marketing, and systems supports sustainable growth.
Protect what you’ve built
Insurance, cybersecurity tools, and fraud protection help safeguard your business operations and finances.
Terms & definitions
You need to know what things are before you can make sense of them. Here are some basic terms and definitions to help you better understand business.
Term |
Definition |
|---|---|
Limited liability company (LLC) |
A business structure that helps protect your personal assets |
Revenue |
Money coming into the business from sales or services |
Expenses |
Money going out of the business to operate it |
Cash flow |
How money moves in and out of your business over time |
Profit |
What remains from revenue after expenses are paid |
Overhead |
Ongoing operating costs like rent, software, insurance, and utilities |
Business credit |
Credit tied to your business, not your personal finances |
EIN (Employer Identification Number) |
A tax ID number used to identify your business |
Break-even point |
When business income equals business expenses |
Startup costs |
The initial expenses needed to launch a business |
Operating budget |
A monthly plan for how business money will be used |
Additional resources
Connect with SECU
In person or virtual. Connect with us when it’s convenient for you.
VISIT THE VIRTUAL FINANCIAL CENTER
SCHEDULE IN-PERSON APPOINTMENT
SCHEDULE VIRTUAL APPOINTMENT
Business FAQs
You can open most business accounts online here. Select accounts should be opened at your local financial center, through our Virtual Financial Center, or through a business banker.
Once the change has been recorded with the State, bring that documentation to your local SECU financial center.
Yes, we offer nonprofit checking accounts. You will need to following documentation to open a business nonprofit checking account.
Sole proprietorship
- Copy of valid ID on all signers
- EIN Verification Letter, if EIN is not of the owners’ personal SSN
- State verification: Good standing verification page printed from MD SDAT website
- Trade Name Registration: Required if business using a name other than that of the owner
- Operating Agreements: Required for two (2) or more signers
Partnership
- Copy of valid ID on all signers
- State verification: Good standing verification page printed from MD SDAT website
- Articles of Partnership: Certified copy printed from MD SDAT website
- Trade Name Registration if applicable
LLC
- Copy of valid ID on all signers
- State verification: Good standing verification page printed from MD SDAT website
- Articles of Organization: certified Ccopy printed from MD SDAT website
- Trade Name Registration, if applicable
- Operating Agreements: Required for two (2) or more signers
Corporation
- Copy of valid ID on all signers
- State verification: Good standing verification page printed from MD SDAT website
- Articles of Incorporation: Certified copy printed from MD SDAT website
- Trade Name Registration if applicable
- Board minutes
- By-laws
- If business is an HOA, operating agreements between HOA and management
Club, recreation, political campaign or similar
- Copy of valid ID on all signers
- State verification: Good standing verification page printed from MD SDAT website
- Trade Name Registration: Applicable if the club is not affiliated with a university
- Documentation of Authorized Signers
- Operating Agreements if two or more signers
- Board of directors’ minutes
- Chapter meeting minutes
- List of officer’s names and titles listed on organization letterhead
- State Board of Elections documents (for political campaign candidates)
All signers: Address, Social Security number (SSN), date of birth (DOB), and valid photo ID
All owners: Address, SSN, DOB, % Ownership, and Valid Photo ID
Indirect owners with 25% or more ownership: Address, SSN, DOB, % ownership, and valid photo ID
Managerial controller: Address, SSN, DOB, and valid photo ID
Yes, we offer the following business loans to fit your short- and long-term needs:
- Commercial mortgage
- Business line of credit
- Business term loan
- Business credit cards
Yes, most business accounts can be opened online here. Other SECU business accounts should be opened at your local financial center, through our Virtual Financial Center, or through a business banker.
