4 ms·
It's mostly businesses though, not people. If you have >1 employee you def. should have at least 250K in the bank.
by _hl_ 4y ago
It's mostly businesses though, not people. If you have >1 employee you def. should have at least 250K in the bank.
- prepend 4y agoNot really. If you have 25 employees, you probably need $75-150k to make payroll every two weeks. You would cover this through rotating receivables through accounts. And you’d likely have multiple accounts to avoid the $250k threshold. My local bagel store owner talks about this and has different accounts for different purposes. And he banks with some national level bank and still splits money across accounts. It’s not a good idea to have large amounts of cash sitting in single accounts. If you have two employees then you don’t need much cash in an account at all.