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How to Write a Business Plan to Start a Bank

FEB.10, 2024

Bank Business Plan Checklist

A bank business plan is a document that describes the bank’s goals, strategies, operations, and financial projections. It communicates the bank’s vision and value proposition to potential investors, regulators, and stakeholders. A SBA business plan should be clear, concise, and realistic. It should also cover all the essential aspects of the bank’s business model.

Here is a checklist of the main sections that you should keep in mind while building a bank business plan:

• Executive summary
• Company description
• Industry analysis
• Competitive analysis
• Service or product list
• Marketing and sales plan
• Operations plan
• Management team
• Funding request
• Financial plan

Sample Business Plan for Bank

The following is a bank business plan template that operates in the USA. This bank business plan example is regarding ABC Bank, and it includes the following sections:

Executive Summary

ABC Bank is a new bank for California’s SMBs and individuals. We offer convenient banking services tailored to our customers’ needs and preferences. We have a large target market with over 500,000 SMBs spending billions on banking services annually. We have the licenses and approvals to operate our bank and raised $20 million in seed funding. We are looking for another $30 million in debt financing.

Our goal is to launch our bank by the end of 2024 and achieve the following objectives in the first five years of operation:

• Acquire 100,000 customers and 10% market share
• Generate $100 million in annual revenue and $20 million in net profit
• Achieve a return on equity (ROE) of 15% and a return on assets (ROA) of 1.5%
• Expand our network to 10 branches and 50 ATMs
• Increase our brand awareness and customer loyalty

Our bank has great potential to succeed and grow in the banking industry. We invite you to read the rest of our microfinance business plan to learn about how to set up a business plan for the bank and how we will achieve our goals.

Industry Analysis

California has one of the biggest and most active banking industries in the US and the world. According to the Federal Deposit Insurance Corp , California has 128 financial institutions, with total assets exceeding $560 billion.

The California banking industry is regulated and supervised by various federal and state authorities. However, they also face several risks and challenges, such as:

• High competition and consolidation
• Increasing regulation and compliance
• Rising customer demand for digital and mobile banking
• Cyberattacks and data breaches
• Environmental and social issues

The banking industry in California is highly competitive and fragmented. According to the FDIC, the top 10 banks and thrifts in California by total deposits as of June 30, 2023, were:

Customer Analysis

We serve SMBs who need local, easy, and cheap banking. We divide our customers into four segments by size, industry, location, and needs: 

SMB Segment 1 – Tech SMBs in big cities of California. These are fast-growing, banking-intensive customers. They account for a fifth of our market share and a third of our revenue and are loyal and referable.

SMB Segment 2 – Entertainment SMBs in California’s entertainment hubs. These are high-profile, banking-heavy customers. They make up a sixth of our market and a fourth of our revenue and are loyal and influential.

SMB Segment 3 – Tourism SMBs in California’s tourist spots. These are seasonal, banking-dependent customers. They represent a quarter of our market and a fifth of our revenue and are loyal and satisfied.

SMB Segment 4 – Other SMBs in various regions of California. These are slow-growing, banking-light customers. They constitute two-fifths of our market and a quarter of our revenue and are loyal and stable.

Competitive Analysis

We compete with other banks and financial institutions that offer similar or substitute products and services to our target customers in our target market. We group our competitors into four categories based on their size and scope: 

1. National Banks

• Key Players – Bank of America, Wells Fargo, JPMorgan Chase, Citibank, U.S. Bank
• Strengths – Large customer base, strong brand, extensive branch/ATM network, innovation, robust operations, solid financial performance
• Weaknesses – High competition, regulatory costs, low customer satisfaction, high attrition
• Strategies – Maintain dominance through customer acquisition/retention, revenue growth, efficiency

2. Regional Banks

• Key Players – MUFG Union Bank, Bank of the West, First Republic Bank, Silicon Valley Bank, East West Bank
• Strengths – Loyal customer base, brand recognition, convenient branch/ATM network, flexible operations
• Weaknesses – Moderate competition, regulatory costs, customer attrition
• Strategies – Grow market presence through customer acquisition/retention, revenue optimization, efficiency

3. Community Banks

• Key Players – Mechanics Bank, Bank of Marin, Pacific Premier Bank, Tri Counties Bank, Luther Burbank Savings
• Strengths – Small loyal customer base, reputation, convenient branches, ability to adapt
• Weaknesses – Low innovation and technology adoption
• Strategies – Maintain niche identity through customer loyalty, revenue optimization, efficiency

4. Online Banks

• Key Players – Ally Bank, Capital One 360, Discover Bank, Chime Bank, Varo Bank
• Strengths – Large growing customer base, strong brand, no branches, lean operations, high efficiency
• Weaknesses – High competition, regulatory costs, low customer satisfaction and trust, high attrition
• Strategies – Disrupt the industry by acquiring/retaining customers, optimizing revenue, improving efficiency

Market Research

Our market research shows that:

• California has a large, competitive, growing banking market with 128 banks and $560 billion in assets.
• Our target customers are the SMBs in California, which is 99.8% of the businesses and employ 7.2-7.4 million employees.
• Our main competitors are national and regional banks in California that offer similar banking products and services.

We conclude that:

• Based on the information provided in our loan officer business plan , there is a promising business opportunity for us to venture into and establish a presence in the banking market in California.
• We should focus on the SMBs in California, as they have various unmet banking needs, preferences, behavior, and a high potential for growth and profitability.

Operations Plan

Our operational structure and processes form the basis of our operations plan, and they are as follows:

• Location and Layout – We have a network of 10 branches and 50 ATMs across our target area in California. We strategically place our branches and ATMs in convenient and high-traffic locations.
• Equipment and Technology – We use modern equipment and technology to provide our products and services. We have c omputers and software for banking functions; security systems to protect branches and ATMs; communication systems to communicate with customers and staff; i nventory and supplies to operate branches and ATMs.
• Suppliers and Vendors – We work with reliable suppliers and vendors that provide our inventory and supplies like cash, cards, paper, etc. We have supplier management systems to evaluate performance.
• Staff and Management – Our branches have staff like branch managers, customer service representatives, tellers, and ATM technicians with suitable qualifications and experience.
• Policies and Procedures – We have policies for customer service, cash handling, card handling, and paper handling to ensure quality, minimize losses, and comply with regulations. We use various tools and systems to implement these policies.

Management Team

The following individuals make up our management team:

• Earl Yao, CEO and Founder – Earl is responsible for establishing and guiding the bank’s vision, mission, strategy, and overall operations. He brings with him over 20 years of banking experience.
• Paula Wells, CFO and Co-Founder – Paula oversees financial planning, reporting, analysis, compliance, and risk management.
• Mark Hans, CTO – Mark leads our technology strategy, infrastructure, innovation, and digital transformation.
• Emma Smith, CMO – Emma is responsible for designing and implementing our marketing strategy and campaigns.
• David O’kane, COO – David manages the daily operations and processes of the bank ensuring our products and services meet the highest standards of quality and efficiency.

Financial Projections

Our assumptions and drivers form the basis of our financial projections, which are as follows:

Assumptions: We have made the following assumptions for our collection agency business plan :

• Start with 10 branches, 50 ATMs in January 2024
• Grow branches and ATMs 10% annually
• 10,000 customers per branch, 2,000 per ATM
• 5% average loan rate, 2% average deposit rate
• 80% average loan-to-deposit ratio
• $10 average fee per customer monthly
• $100,000 average operating expense per branch monthly
• $10,000 average operating expense per ATM monthly
• 25% average tax rate

Our financial projections are as per our:

• Projected Income Statement
• Projected Cash Flow Statement
• Projected Balance Sheet
• Projected Financial Ratios and Indicators

Select the Legal Framework for Your Bank

Our legal structure and requirements form the basis of our legal framework, which are as follows:

Legal Structure and Entity – We have chosen to incorporate our bank as a limited liability company (LLC) under the laws of California.

Members – We have two members who own and control our bank: Earl Yao and Paula Wells, the founders and co-founders of our bank.

Manager – We have appointed Mark Hans as our manager who oversees our bank’s day-to-day operations and activities.

Name – We have registered our bank’s name as ABC Bank LLC with the California Secretary of State. We have also obtained a trademark registration for our name and logo.

Registered Agent – We have designated XYZ Registered Agent Services LLC as our registered agent authorized to receive and handle legal notices and documents on behalf of our bank.

Licenses and Approvals – We have obtained the necessary licenses and approvals to operate our bank in California, including:

• Federal Deposit Insurance Corporation (FDIC) Insurance
• Federal Reserve System Membership
• California Department of Financial Protection and Innovation (DFPI) License
• Business License
• Employer Identification Number (EIN)
• Zoning and Building Permits

Legal Documents and Agreements – We have prepared and signed the necessary legal documents and agreements to form and operate our bank, including:

• Certificate of Formation
• Operating Agreement
• Membership Agreement
• Loan Agreement
• Card Agreement
• Paper Agreement

Keys to Success

We analyze our market, customers, competitors, and industry to determine our keys to success. We have identified the following keys to success for our bank.

Customer Satisfaction

Customer satisfaction is vital for any business, especially a bank relying on loyalty and referrals. It is the degree customers are happy with our products, services, and interactions. It is influenced by:

• Product and service quality – High-quality products and services that meet customer needs and preferences
• Customer service quality – Friendly, professional, and helpful customer service across channels
• Customer experience quality – Convenient, reliable, and secure customer access and transactions

We will measure satisfaction with surveys, feedback, mystery shopping, and net promoter scores. Our goal is a net promoter score of at least 8.

Operational Efficiency

Efficiency is key in a regulated, competitive environment. It is using resources and processes effectively to achieve goals and objectives. It is influenced by:

• Resource optimization – Effective and efficient use and control of capital, staff, and technology
• Process improvement – Streamlined, standardized processes measured for performance
• Performance management – Managing financial, operational, customer, and stakeholder performance

We will measure efficiency with KPIs, metrics, dashboards, and operational efficiency ratios. Our goal is an operational efficiency ratio below 50%.

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Are you looking to hire business plan writers to start a bank business plan? At OGSCapital, we can help you create a customized and high-quality bank development business plan to meet your goals and exceed your expectations.

We have a team of senior business plan experts with extensive experience and expertise in various industries and markets. We will conduct thorough market research, develop a unique value proposition, design a compelling financial model, and craft a persuasive pitch deck for your business plan. We will also offer you strategic advice, guidance, and access to a network of investors and other crucial contacts.

We are not just a business plan writing service. We are a partner and a mentor who will support you throughout your entrepreneurial journey. We will help you achieve your business goals with smart solutions and professional advice. Contact us today and let us help you turn your business idea into a reality.

Frequently Asked Questions

How do I start a small bank business?

To start a small bank business in the US, you need to raise enough capital, understand how to make a business plan for the bank, apply for a federal or state charter, register your bank for taxes, open a business bank account, set up accounting, get the necessary permits and licenses, get bank insurance, define your brand, create your website, and set up your phone system.

Are banks profitable businesses?

Yes, banks are profitable businesses in the US. They earn money through interest on loans and fees for other services. The commercial banking industry in the US has grown 5.6% per year on average between 2018 and 2023.

Download Bank Business Plan Sample in pdf

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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Creating a Business Plan

The decision to create a business plan is an important one, whether you are starting a new business or growing an established one. A solid business plan is fundamental to long-term business success.

It serves two main purposes:

• It acts as a roadmap for your business.
• It is a tool that helps you obtain outside financing.

While the phrase “creating a business plan” may conjure up feelings of trepidation and dread, it will not be as difficult if you break your business plan down into its more essential parts.

Why Do You Need a Business Plan?

Benjamin Franklin said it best: “If you fail to plan, you are planning to fail.” While a business plan will not guarantee success, failing to have one almost guarantees that you will not find the success you seek.

Remember the roadmap analogy? It is an accurate one to consider. The first thing you need to do before creating the roadmap, though, is to figure out where you are heading.

In order to do that, you should ask yourself four simple questions.

• How do you want your business to look in one year?
• How would you like it to look in three years?
• Where do you want to see your business going in five years?
• What would you like to have accomplished by your tenth year in business?

Seek the answers to those questions, keeping in mind profits, revenues, expansion, growth and other critical drivers and metrics for your business.

What Does a Business Plan Include?

In order to build the roadmap to reach your intended business destinations in a timely manner, you must include key pieces of information and analysis in your plan. The many moving parts of running your business become the fundamental building blocks of your long-term business plan. Consider each of them a pit stop along the road to business success.

Business Concept

Your business concept is a summation of your company in a few concise and simple sentences. It should clearly communicate the idea, design or value proposition behind your business so that a customer, investor or potential partner can quickly grasp what you will do and the value it will provide. Keep the concept statement to one paragraph.

Business Strategy

Your business strategy provides the detail on how you will execute the business concept. It describes your industry, explains your product or service, and the critical factors that will drive your business success. Those factors might include such things as your management team, operational plans or cost advantages. In essence, it is an executive summary that explains why your business is uniquely suited to succeed.

Specific things you should consider while creating the strategy section of your plan include:

• Products or services offered now.
• Products or services to offer in the future.
• The size of the market.
• How the market is changing.
• Industry trends.

Market Analysis

In the market analysis section of your plan, you need to explore the ins and outs of your potential customers or markets.

• Who are they?
• Where are they?
• What motivates them to buy the items or services you offer?
• What do they want or need from you?
• How are you going to attract new customers?
• What do you plan to do to keep them coming back?

Most importantly, though, is to answer this one question: “How are you profitably going to meet the needs of your target customer?”

Competitive Analysis

In order to be complete, your marketplace analysis must pay attention to your competitors. This is necessary whether you are an established business looking to expand or a new business interested in taking business away from other established businesses in the area.

Questions to ask yourself here, include:

• How is your business going to succeed in a market that is already being sufficiently served by another business in your industry?
• Is there sufficient demand to bring another business into the market or expand your existing business?

Financial Analysis

This section of your business plan will look at the financial aspects of your business. As a new business you will need to include:

• Break-even analysis.
• Financial ratio calculations.
• Internal and external funding requirements.
• Projected revenues and profits over one, three, and five-year terms.

Don’t forget to include plans for assets the business needs to acquire and the costs of the marketing plan the business intends to follow coming out of the gate.

Existing businesses need to include cash flow statements, balance sheets, and pro-forma income statements, for example.

Keep in mind, you should provide information that will assist potential lenders (banks and credit unions) and investors in approving loans or green-lighting investments in your business.

Maintaining Your Business Plan

You should not just write a business plan and place it in a drawer. To get the most benefit from it, it should be a dynamic evolving plan. You must adjust your plan as necessary with changing markets, new product concepts, evolving technology, need for additional financing, and goal achievements, just to name a few. An old business plan may not reflect reality any longer, so be sure to revisit your business plan periodically. Having a update checklist helps you to do just that.

In the beginning, making a business plan may seem like a onerous task. It can be simpler if you break it down into its individual components. Once you have a plan in place, you will begin to see the effectiveness of how such a simple business tool can take the guesswork out of starting a business or growing one.

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Business plan template

Create a comprehensive business plan with this easy to use business plan template.

Businesses need a strong plan that outlines what you aim to achieve and gives you a roadmap to get there. Creating your own business plan doesn’t have to be difficult, simply set aside some time to work through the various elements.

What to consider when writing a business plan

The template walks you through each stage of a business plan. It will help ensure that nothing gets missed, including essential elements such as:

• your profile
• your marketing strategy
• your business structure.

When you’re  writing your business plan , it’s important to: 

• avoid  long words or sentences
• use clear and concise language and avoid jargon
• identify your audience and keep them in mind when writing
• show why you care and let your passion for the business shine through
• highlight your unique value proposition
• include a realistic detailed financial plan
• think carefully through every step of your business start-up
• pinpoint weaknesses, identify your strengths and spot opportunities.

Why you should use a business plan template

A business plan template is an essential tool to help you  create a clear, concise and comprehensive business plan. It can help you:

• secure funding and  attract investors
• set goals and prioritise
• better control  your business
• helps you seek finance.

Writing a plan can be enjoyable. It will help you highlight the ideas and activities at the core of your business, and force you to get your priorities in order too. It could also show you what success will look like, so you can begin measuring it. Each section of the template comes with brief instructions, so that you get the structure right.

When you’re finished, one of our small business bankers will be happy to go over the plan and provide advice and guidance. You can request a call back online to discuss this further.

Download our  business plan template (DOC, 158KB) , opens in new window  and read our detailed article on writing your business plan to get started.

Use our business plan template to guide you through writing your business plan.

Other business moments

Find out if you’re suited to running a business

Use our checklist to help you determine if you have what it takes.

How to write a business plan

Follow our helpful guide to writing a comprehensive plan.

What are business drivers and how do I identify them?

Boost profitability by identifying your key business drivers.

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The information contained in this article is correct as of July 2018 and is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.

Read a message from Governor Mamo E. Mihretu Delve into our strategic vision, which elucidates our planning framework, details the execution of our strategic plan, and demonstrates how it is rooted in our organization’s core values.

The National Bank of Ethiopia (NBE) is launching a Strategy Plan for the period of 2023-2026 to navigate through the challenges and changes of the modern economic landscape. This plan is a robust framework designed to align the bank’s core activities with international standards while addressing Ethiopia’s distinctive economic circumstances and ambitions.

The Strategy Plan is built around five pivotal objectives that will guide the NBE’s efforts: price and external stability, financial stability, broadening financial inclusion with digitization, operational excellence, and enhanced governance systems. Each objective is backed by comprehensive action plans, Key Performance Indicators (KPIs), and specific targets for the next three years.

Key initiatives include transitioning to a price-based monetary policy using interest rates, expanding the financial sector to include foreign investment and capital markets, and modernizing internal operations to enhance transparency and research capabilities.

The NBE is dedicated to executing these strategic objectives to build a stronger, more equitable Ethiopia.

NATIONAL BANK OF ETHIOPIA

FIVE STRATEGIC OBJECTIVES

Ensure price and external stability*.

1.1: Transition to a market-based monetary policy regime 1.2: Review current account and capital account policies for potential revisions 1.3: Establish strong data analysis and research capabilities to support NBE policy making 1.4: Enhance international foreign exchange reserves management

ENSURE FINANCIAL STABILITY

2.1: Improve regulation 2.2: Improve supervision and payment system oversight 2.3: Improve currency management system 2.4: Enhance payment system infrastructure 2.5: Introduce financial system stability functions

ENSURE FINANCIAL INCLUSION, DEEPENING AND DIGITIZATION

3.1: Implement and monitor the National Financial Inclusion Strategy action plans related to NBE, including in the area of Interest-Free Banking (IFB). 3.2: Enhance financial education and consumer protection 3.3: Establish an independent Insurance Regulatory Agency (IRA) 3.4: Ensure widespread adoption and usage of digital financial services 3.5: Improve credit reference and rating infrastructure

ENSURE EXCELLENCE IN PEOPLE , PROCESSES AND TECHNOLOGY

4.1: Transform the Bank’s Human Capital Talent Management 4.2: Ensure efficient and effective internal processes and enhance digitalization 4.3: Strengthen planning and performance management systems 4.4: Re-establish the EIFS as a Center of Excellence for the financial sector, with new strategy and improved facilities

STRENGTHEN GOVERNANCE

5.1: Establish strong institutional accountability and transparency systems 5.2: Establish and implement a modern and effective Communication Strategy 5.3: Ensure a strong and independent Internal Audit and Risk Management function

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What Should You Look for When Choosing a Business Bank Account?

A bank account lets your business deposit and withdraw money, build a financial history, and track transactions. With the best business banking accounts, you’ll feel secure about your business funds and gain access to tools that make financial planning much easier.

Today, we’re ensuring you’re an informed bank business bank account holder. First, let’s dive into what you need to be eligible for business banking.

What are the Requirements for Opening a Business Bank Account?

Not everyone can open a business bank account. As the name suggests, these accounts are meant for people who mean business —and own one.

Fortunately, the process is less daunting than you may think. You’ve probably already done the hard work! Here’s what you’ll need to do:

Determine whether you’re a good candidate.

You may be eligible for a business banking account if you own or are involved in operating a business. Typically, we see self-employed individuals, new business owners, business partners, LLCs, C- or S-corporations, and nonprofits apply for this type of account.

Locate the proper documentation.

Your bank will need to see some paperwork to identify your business, provide proof of address, and understand your business’s finances and plans. The documents your bank requires will depend on how your business is set up. For example, sole proprietorship/DBAs, LLCs, and nonprofits all have certain associated documents that your bank will request. Your banker will likely request a financial statement, something with your business address, a formal document identifying your business structure, and maybe a business plan—along with your personal ID and an employer identification number .

Provide your first deposit.

For some business accounts, you may need to keep a certain amount of money in the account—usually an average daily balance—to remain eligible for perks or avoid fees. Other options, like BNC National Bank’s free business checking account , have neither minimum balance options nor monthly service charges. Talk to your banker about how you plan to use the account and they’ll help you determine the type of account best for your needs.

Enjoy the advantages!

Congratulations on opening your account! You’ve unlocked simplified financial record-keeping, easier ways to facilitate business transactions, and an intuitive way to build your business’s financial health.

Good news: Those benefits are just the start of what you’ll have access to as a business bank account holder.

Accessibility, Services, Security, and More: Let’s Get (Even More) Practical

Before signing off on your banking selection, check for these services and benefits to ensure you’re getting a competitive business banking experience. Your bank should offer you:

A user-friendly website and mobile app: You’ll need to be able to check your balances, deposit checks, and initiate transfers from your laptop or smart device.

Streamlined merchant card processing: If you want to accept card payments from customers, you’ll need merchant card processing. With this service, look for transparent pricing, secure transactions, and timely customer support.

Confidence-inducing security measures: Check to see if your bank has implemented robust encryption protocols, real-time fraud monitoring, multi-factor authentication, and other proactive measures to protect against potential threats. 

Insurance for your business’s funds: Ensure that your prospective business bank is FDIC-insured—which should give you peace of mind that your funds will be covered if something happens to your bank.

These factors are essential to see when assessing your bank’s real utility for your business.

This leads us to one final point, though: In the Internet era, it’s still vitally important to be near a physical bank location. Why?

Think about access to physical services such as cash withdrawals, and personalized assistance for tricky financial situations: These are services you may not need often, but when you do, you really do. Your in-person banking experience complements your digital banking services with added security and convenience.

However, the benefits of in-person banking go further than that.

The Importance of Building a Relationship with Your Business Banker

Your business banker shouldn’t be a nameless, faceless entity you use primarily to cash checks. If that’s your current status, you’re leaving value on the table.

Here are just a few of the benefits of having a helpful relationship with your community bank:

Service tailored to your unique business needs

Access to dedicated business bankers

Guidance as you choose the right banking services to grow your business

Local expertise regarding your community’s business landscape

Quick, responsive, and friendly customer support

Access to relevant information and resources

Assistance with complex financial situations

Need Help Evaluating Your Options? We’re Here to Support You

Feeling overwhelmed about your upcoming business banking choices? That’s understandable—there’s a lot out there.

Don’t worry. This is precisely why working with a community bank is key: Your neighborhood bankers are happy to support you with personalized service and only the most relevant information every step of the way.

BNC National Bank is passionate about helping local businesses get started, so if you’re ready to select your business bank account, we’re ready to help you. Schedule a meeting with our team today to discuss your options. In the meantime, check out this business banking resource: Questions to Ask to Determine the Best Bank for your Business .

BNC National Bank, Member FDIC, Equal Housing Lender

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May 01, 2024

Business & Economy

After bleeding tk 15bn in 2023, national bank puts merger plan on hold.

The four-decade old bank’s losses in the past two years mount to Tk 47.6 billion

Staff Correspondent

bdnews24.com

Published : 29 Apr 2024, 02:01 AM

Updated : 29 Apr 2024, 02:01 AM

Click to get connected

The National Bank Limited or NBL initially appeared to agree with the Bangladesh Bank on a possible merger with another bank, but its directors have decided not to set the plan in motion for now. 

Riddled with loan scams and irregularities, the four-decade old bank showed some improvements last year by halving its annual losses to Tk 15 billion after suffering Tk 32.61 billion losses in 2022 – meaning total Tk 47.6 billion losses in two years.   

bdnews24.com spoke to NBL Chairman Syed Ferhat Anwar on Sunday about the merger plan and the current state of the bank after the latest financial report was published on Dhaka Stock Exchange and Chattogram Stock Exchange websites. 

The directors approved the report in a meeting on Saturday, where they also discussed the future of the merger plan. 

“No decision on merger now. We’ll take some time to see what happens later,” said Ferhat. 

One of the directors talked to bdnews24.com on condition of anonymity because he was not authorised to discuss details with the media. 

According to him, all the members of the board agreed that the bank should not go for a merger now. 

“Our performance improved in the past few months. Our losses decreased in 2023 compared to the previous year,” the director said. 

“We’ve set a target after discussions with the top brass in the management. If we can achieve that target or reach near that, National Bank won’t be merged with another bank. 

After Exim Bank and Padma Bank signed an agreement for a merger last month, the boards of Sonali Bank and Bangladesh Development Bank approved their amalgamation in the second week of April.

And City Bank has shown interest in acquiring BASIC Bank in a proposal backed by the central bank.

Amid the merger spree, the central bank reportedly began mediation between National Bank Limited or NBL, the first Bangladeshi private bank founded by a set of entirely local sponsor directors in 1983, and United Commercial Bank Limited or UCB, another bank formed the same year.  

Bangladesh Bank Governor Abdur Rauf Taulkder held a meeting with the chairmen, CEOs and directors of the two banks at that time. 

When he presented the proposal on a merger amid scams in March, the board of directors was split. 

The chairman asked for time to take a final decision as both sides remained adamant, a director said, requesting not to be named. Those opposing a merger also took time to grasp the issue first. 

Ferhat had said at that time that discussions for the merger with a “healthy bank” had begun. Talks were held with several banks but the matter had not been finalised, he had said. 

But now NBL has made it clear that it has no intention to merge with another bank. 

In a notice on its website, NBL said: “The Bangladesh Bank has informed that if a bank does not want a merger, it can do that [stay away from merger].”

According to its financial report, NBL suffered Tk 4.65 loss per share. The bank with Tk 32.2 billion paid-up capital has nearly 3.22 billion shares. 

Its net loss per share was Tk 10.13 in 2022. 

Because of continuous losses, the board decided not to announce dividends. 

Asked what caused huge losses, Ferhat blamed old liabilities. “If the borrowers repay, the problems will be solved. It’s their responsibility to repay.”

He said its spending on interests increased because it had to borrow from other banks and financial institutions to cover a liquidity crisis created by unpaid loans taken by large industrial groups. 

“We’ve sent letters to all these organisations for repayment. We’re discussing with the clients who are contacting us. We’ve told them we’ll look into their issues if they stand by the bank ,” Ferhat said.

In nine months of 2023, the bank earned Tk 12.8 billion from interests, but paid more than Tk 22 billion in interest on deposits and loans taken from others. 

The amount of loans disbursed by NBL stood at Tk 422.6 billion, including Tk 135.15 billion or 30 percent non-performing credit. Its deposits totalled Tk 412.26 billion.

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Help create the best tomorrow for those who give you their best today.

We are dedicated to helping your business deliver the best possible retirement plans to your employees, and at a competitive cost. A retirement plan is an important tool for attracting and retaining quality staff members. It’s a way for both employers and employees to save for the future and enjoy various tax advantages.

There are a wide variety of plans available to you as a business owner. Our experienced retirement plan specialists have the expertise to clearly discuss your options and offer comparisons. Throughout the process, you’ll have reliable, local professionals to help you and your employees find the plan that’s right for your business.

Retirement Plan Options

401(k) and other retirement plans.

Support your business and employees with a variety of 401(k) and other retirement plans. We offer plans to suit your needs, from cost-effective plans for small businesses to multi-fund family investment options.

A savings incentive match plan for employees IRA gets an acronym that describes it pretty well: SIMPLE. You can contribute to an individual tax-deferred retirement plan either for yourself or your employees. Match employee contributions up to 3% of their salary and take tax-deductions for your company’s contributions.

Simplified Employee Pensions (SEP)

A simplified employee pension plan (SEP) is an easy way for your business to contribute directly to an employee’s retirement savings. You can better provide for your employees’ retirement with a higher contribution maximum than other accounts.

Retirement Services that take care of you and your employees.

As a business owner, you have a long list of daily priorities. Worrying about your retirement plan shouldn’t be one of them. We’re proud to offer a turnkey experience for our business clients, making things as simple, convenient, and efficient as possible. You won’t need a separate record-keeper, administrator, and investment company. We can do it all, or any part of it. We offer every business clients the following services:

• Trust powers
• Fiduciary services
• Safekeeping of assets
• Investment management
• Participant accounting and fee disclosures
• Compliance testing
• Form 5500 annual tax return filing
• Profit-sharing plans
• Solo 401(k) plans
• Money purchase and other pension plans
• Online access for plan sponsor and employees

An Investment Philosophy Grounded in Discipline

Our investment philosophy is founded on a disciplined approach to capturing above-average returns while minimizing risk through sector diversification and fundamentally-sound securities.

To our investors, this means:

• We believe that consistent investment management is crucial to achieving superior performance from medium-risk assumptions.
• We choose mutual funds using a long-range investment strategy that consists of a blend of high-quality growth and value equities.
• We believe in the long-term advantage of maintaining a fully-invested, diversified portfolio over market timing.
• We avoid market fads and changing investment styles, having learned through experience the benefit of riding out inevitable market cycles.
• We believe that volatility in the equity and fixed income markets is not only natural, but healthy, providing opportunities for the investor. In general, we try to add holdings when the market shows weakness, and lighten up when markets show strength.

A Local, Consultative Approach to Retirement Planning

Your situation is unique, so we provide you with a wide variety of choices and independence when setting up your retirement plan. All with the training and expertise to assist you in choosing the plan and investment strategy that’s right for your business. You’ll work with local decision makers who are here every day to answer questions and provide personalized solutions.

Helping Your Employees Understand Their Options

We offer individual consultations and group sessions to explain your plans, how they work, and how much you, as the employer, contribute. We’ll come to your location, set up the accounts, and provide educational materials for you and your employees.

And because we’re nearby, we’re always available to assist you and your employees as they transition into retirement with personal financial and estate planning information, as well as helping inform them of any changes or updates.

Your employees will enjoy 24/7 access to their account online, where they can:

• Transfer and reallocate investments
• Access independent research
• Use the retirement planning calculator

We take the time to get to know you and your business needs.

Best business savings accounts for 2024

A s a business owner, you probably have a business checking account you use to handle payroll or write company checks. A business savings account can come in handy as well, since it provides you with a place to store cash that’s easily accessible, while earning some interest on the funds.

Finding the right business savings account is important whether you’re setting aside money for business goals or want to have funds on hand for unexpected company expenses.

What is a business savings account?

A business savings account is a liquid deposit account in which you can set aside business funds for future use. Like a personal savings account , a business savings account typically earns a modest amount of interest, and its offerings may include an ATM card, a mobile banking app and the ability to transfer money to and from other accounts.

When shopping for a business savings account, factors to consider include the annual percentage yield (APY), minimum deposit and balance requirements, fees that are charged, and digital banking features. The best accounts earn some interest and don’t impose fees that would eat away at your savings.

Here we go over some of the best business savings accounts, including some money market options that offer tiered rates and come with debit cards.

Bankrate’s picks for the top business savings accounts

Live Oak Bank Business Savings: Best for earning a competitive APY

Axos Bank Business Premium Savings: Best for 24/7 customer service

Chase Business Total Savings account: Best for branch access

First Internet Bank of Indiana Money Market Savings account: Best for large balances

NBKC Bank Business Money Market Account: Best for no fees

Note: Annual percentage yields (APYs) shown are as of Feb. 28, 2024 , and may vary by region for some products. Bankrate includes only Federal Deposit Insurance Corp. (FDIC) banks or National Credit Union Administration (NCUA) credit unions in its listings.

A closer look at the top business savings accounts

Live oak bank, business savings account: best for earning a competitive apy.

Live Oak Bank is an online-only financial institution that offers high-yield deposit products. Its Business Savings account earns a competitive APY and doesn’t require a set minimum balance or opening deposit amount. You won’t be charged a monthly maintenance fee, and you can manage your accounts either online or through the mobile banking app.

• Competitive APY
• No monthly maintenance fees
• No required minimum balance

What to watch out for:

• Live Oak doesn’t maintain branches, so those who prefer to bank in person should look elsewhere.
• A dormant account fee of $10 or the account balance, whichever is less, will be charged for accounts with no activity for 24 months and balances of less than $10.01.
• Account holders who make more than six transactions per statement cycle may be subject to fees. If the transaction limit is exceeded three times over 12 months, the account will be closed.

Axos Bank, Business Premium Savings account: Best for 24/7 customer service

Axos is an online-only bank that offers both consumer and business accounts. Customers can reach a customer service representative by phone 24 hours a day, seven days a week. The Business Premium Savings account requires no average daily balance, although you’ll need a minimum opening deposit of $25,000, and balances of less than $24,000 don’t earn any interest. There’s no monthly maintenance fee.

• 24/7 customer service
• A minimum opening deposit of $25,000 is required.
• You’ll need a balance of $24,000 or more to earn interest.
• New funds are required for this account, which are funds that did not originate from another Axos Bank or UFB Direct account.

The Business Total Savings account from Chase could be a good fit for a business owner who prioritizes in-person banking. The bank offers a presence in nearly every state, with more than 4,700 branches nationwide. The $10 monthly service fee is waived with a balance of at least $1,000 or a linked Chase Business Complete Banking account.

The account earns a low APY, however, so business owners who are comfortable either banking online or with a smaller branch network will be able to find significantly higher rates with other banks.

Chase also offers a Business Premier Savings account that earns a slightly higher APY when it’s linked to a qualifying Chase business checking account.

• Widespread branch availability
• The yield is significantly lower than what you can find on business savings accounts at some other banks.
• After 15 deposited items occur per month, a fee of $0.40 is charged for each additional deposited item. (Cash deposits per month are included at no charge.)

First Internet Bank of Indiana, Business Money Market Savings account: Best for large balances

The Money Market Savings account from First Internet Bank of Indiana has a tiered interest structure. Daily balances of $5 million or less earn a lower APY than daily balances higher than $5 million.

The account can be opened with as little as $100, and the monthly maintenance fee of $5 is waived for those who maintain an average daily balance of at least $4,000. Business owners who are sole proprietors receive an ATM card with the account.

• Low minimum opening deposit
• Competitive APYs
• The account’s higher APY is only attainable for those who have a balance of $5 million or more.
• Business owners who aren’t sole proprietors do not qualify for the ATM card.

NBKC Bank, Business Money Market Account: Best for no fees

Unlike some other bank accounts, the Business Money Market Account from NBKC Bank doesn’t charge you for things like incoming domestic wire transfers , stop payments, returned items, overdrafts or nonsufficient funds.

The account earns the same APY on all balances, and it requires no minimum opening deposit or balance. It comes with a business debit card.

• No fees for overdrafts or nonsufficient funds, returned items, stop payments or incoming domestic wire transfers
• Branches are only located in the Kansas City metro area.

What to look for in a business savings account

Business savings accounts might not always earn as high of a rate as personal savings accounts, yet it still pays to shop around for a competitive APY. Often, the best rates can be found from online-only banks, some of which are included in our list.

When shopping for a business savings or business money market account, be sure to find one that doesn’t have fees that will chisel away at your principal or interest earnings. In addition to monthly maintenance fees, some banks charge for out-of-network ATM use, overdrafts, sending or receiving wire transfers, or closing a new bank account within a certain period of time.

Branch access

Some business owners prefer bank accounts that can be managed entirely online, whereas others prefer being able to visit branches and speak face-to-face with bank representatives. Plenty of brick-and-mortar banks offer business savings accounts — although you might not receive as favorable of a rate there as you would from an online bank.

You may be able to find a credit union with branches near you that pays better rates on a business savings account than the rates offered by big banks.

Business savings account FAQs

As a business owner, you likely have a business checking account to cover things like day-to-day expenses and payroll. A business savings account can be a good spot for additional money you don’t plan to use in the immediate future. This account earns some interest on your business funds, and it keeps them easily accessible in case unplanned expenses arise.

It pays to shop around for a business savings account that earns a competitive rate of return. It’s also important to find an account that won’t charge you fees — or one with fees you can avoid, such as by maintaining a set minimum balance.

Other factors business owners often consider when looking for a savings account include whether the bank offers branches and whether there is a mobile banking app.

Make sure your money is kept safe by choosing a business savings account that’s covered by Federal Deposit Insurance Corp. (FDIC) or National Credit Union Administration (NCUA) insurance. The FDIC insurance amount is $250,000 per depositor, per FDIC-insured bank, per ownership category. The standard share insurance amount at NCUA credit unions is $250,000 per share owner, per insured credit union, for each account ownership category.

You’ll need to fill out an application either online or in person. Documents and information often requested by banks include an employer identification number or Social Security number, a business license and formation documents, and ownership agreements.

Research methodology

A business savings account can be great for storing funds for future use, while earning some interest on the money.

Things to consider when seeking the best business savings account include the APY (many online banks offer more competitive yields than brick-and-mortar banks), minimum deposit and balance requirements, fees that are charged, and digital banking features. The best accounts earn some interest and don’t impose fees that would eat away at your savings.

A safe way to store your business funds is an account that’s covered by FDIC or NCUA insurance. Just make sure that you’re within the stated guidelines and limits.

These financial institutions are featured in our savings rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank5 Connect, Bank of America, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, Bread Financial (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Credit One Bank, Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Huntington National Bank, KeyBank, Limelight Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Morgan Stanley Private Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.

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The Secret Push That Could Ban TikTok

U.s. lawmakers have long worried that the chinese government could use the app to spread propaganda..

This transcript was created using speech recognition software. While it has been reviewed by human transcribers, it may contain errors. Please review the episode audio before quoting from this transcript and email [email protected] with any questions.

From “The New York Times,” I’m Sabrina Tavernise. And this is “The Daily.”

[THEME MUSIC]

American lawmakers have tried for years to ban the video app TikTok over concerns that its ties to China pose a national security risk. Last week, they passed a law that might finally do it. Today, my colleague, Sapna Maheshwari, on the secret effort behind the law and what a ban would mean for the company’s 170 million American users.

It’s Tuesday, April 30.

So Sapna, tell me about this law that just passed that potentially bans the social media app TikTok. We’ve seen efforts in the past to rein in TikTok, but this one really seems like the most substantial yet.

It’s a huge deal. What this law really does is it puts the future of this hugely popular app with 170 million American users into question. TikTok has reshaped the way many people listen to music. It’s changed the way we cook. It’s made a whole different kind of celebrity.

But it’s never been able to shake these concerns around the fact that it has really close ties to China. It’s owned by a Chinese company, ByteDance. And lawmakers, for years, have been worried that the Chinese government could somehow use ByteDance and TikTok to get information on Americans or possibly spread propaganda.

President Trump tried to ban it in 2020. The State of Montana tried to ban this app last year. TikTok has largely survived those challenges, but this time it could actually be banned in the United States.

So let’s talk about this. Why did this effort succeed where the other ones failed?

So it’s an interesting story.

Here we go.

The committee will come to order.

And it really dates back to this hearing about a year ago that Congress had with Shou Chew, the CEO of TikTok.

Mr. Chew, you are here because the American people need the truth about the threat TikTok poses to our national and personal security.

Members of the committee, thank you for your time.

— TikTok has repeatedly said that it has addressed these national security concerns and that there’s no issue here. And you can hear that when Shou Chew testified.

Let me start by addressing a few misconceptions about ByteDance of which we are a subsidiary. ByteDance is not owned or controlled by the Chinese government.

He’s saying American investors are behind ByteDance.

Now, TikTok itself is not available in mainland China. We’re headquartered in Los Angeles and in Singapore.

And I myself am Singaporean. I live in Singapore.

The bottom line is this — American data, stored on American soil, by an American company, overseen by American personnel.

And we are actually going above and beyond what American technology companies do to keep things safe.

And I look forward to your questions. Thank you very much.

And is Congress convinced by that?

Congress is not convinced by that.

ByteDance is a Chinese company?

Well, ByteDance owns many businesses that operates in China.

Is it or is it not a Chinese company?

Congressman, the way we look at it, it was founded by Chinese entrepreneurs.

No, no, no, no. I’m not asking how you look at it. Fact, is it a Chinese company or not? For example, Dell is a company —

It was this really fiery, five-hour hearing, where Republicans and Democrats asked really contentious questions.

We do not promote or remove content at the request of the Chinese government. Will you repeat —

The question is, are you percent certain that they cannot use your company to promote such messages?

It is our commitment to this committee and all our users that we will keep this free from any manipulation by any government.

OK. If you can’t say it 100 percent certain I take that as a no.

There’s this underlying sense of distrust around the company and its ties to China.

I will remind you that making false or misleading statements to Congress is a federal crime.

I understand. Again, you can go on our platform. You will find that content.

And it becomes clear through the hearing that, across the board, Republicans and Democrats largely feel the same way.

Mr. Chew, I got to hand it to you. You’ve actually done something that in the last three to four years has not happened except for the exception of maybe Vladimir Putin. You have unified Republicans and Democrats.

So within weeks of this hearing, this small group of lawmakers gets together. And they say, let’s come up with a law that works where all the other ones have failed and actually make TikTok answer to its Chinese connections once and for all.

So tell me about this small group of lawmakers. Who are they?

So it starts with Republicans. Among them is Steve Scalise, one of the most powerful Republicans in the House. And a small group sort of works together for a few months, but they realize that in order to really make this law work, they’re going to need Democrats. So they end up working through this House Committee that’s focused on China and competition. And this is where the bulk of the work on this bill takes place.

And just to note, this is a really small group. There’s less than 20 key players who are working on this. And all throughout, they are keeping this very, very secret.

And why exactly are they keeping it secret? What’s the point of that?

So this group really wanted to keep this out of the eyes of TikTok, which has a huge lobbying presence in DC, and has successfully worked to kill bills that targeted TikTok in the past. And what they’re really doing is looking at all of the past efforts to either force a sale or a ban of TikTok, and trying to work their way through why those plans didn’t succeed and what they can do differently.

But while the lawmakers are working on this bill, something big happens that kind of changes the politics around it. And that’s October 7.

Your social media feeds are unique to you, but could they be shaping how you view the Israel-Gaza War? The BBC’s —

As the war breaks out and people start getting information about it, a lot of people are getting information about the Israel-Hamas War on TikTok, especially young people.

Social media algorithms seem to be driving some users towards increasingly divisive posts —

And there’s this big messy argument spilling out into living rooms and all over the internet, and, of course on TikTok. And it’s getting very heated. For instance, there’s this moment in the fall where a bunch of TikTok users start sharing this old manifesto.

I read Osama bin Laden’s “Letter to America.”

It’s wild, and everyone should read it.

Go read “A Letter to America.” Seriously, go read it.

That was actually written by Osama bin Laden, defending the 9/11 attacks and criticizing the United States’ support of Israel. TikTok users start trying to tie it to the modern day conflict.

Reading this letter, it becomes apparent to me that the actions of 9/11 were all just the buildup of our government failing other nations.

The way this letter is going viral right now is giving me the greatest sense of relief. Now it’s all coming to light because of Palestine.

And there’s these accusations that TikTok may be promoting one side of the conflict over the other. And a couple of researchers look at hashtags around Palestine, and they say that the data they pulled shows that TikTok is showing way more pro-Palestine videos and not so much for Israel. And this sets off huge alarm bells for this small group of lawmakers.

But isn’t that just a function of the fact that TikTok, at this point, is the public square in the United States for young people? I mean, this is what young people were talking about, and this is where they’re doing the talking.

TikTok has pushed back really forcefully against these accusations. They said that Gallup polls show that young people view Israel differently than older generations. They say that they’re not the ones influencing what people post, that the hashtags and the videos are a reflection of the user base and nothing that they’re doing to influence.

But for lawmakers, this doesn’t really make their concerns go away. Instead, this conflict shows them how TikTok could be used to spread propaganda. It made lawmakers feel that TikTok could be really dangerous when it comes to shaping the views of Americans on foreign policy, on US elections. And what it also does is, it provides this driving force to this group that’s drafting this bill. And they suddenly see that this might be a way to bring more people into their effort.

And so heading into November against this backdrop, they even bring in the White House and the Justice Department to help work on this bill. And with the White House, they want to make sure that this is a bill that the president will support. And they work with the Justice Department to shore up the language in the bill to help defend against court challenges.

Because the Justice Department, of course, would be the one that would have to defend the bill, right?

That’s exactly right. And so they’re trying to make it as rock solid as possible so that they can win in court when TikTok challenges this law. And so March rolls around, and they decide that it’s time to unveil this bill that they’ve been working on for close to a year.

The battle over TikTok on Capitol Hill is intensifying.

This morning, House lawmakers have agreed unanimously to move a bill to a full floor vote.

And TikTok is caught completely flat footed. They didn’t see this coming. And this is just what the group wanted. So TikTok has this army of lobbyists that’s suddenly scrambling. And they go into damage control mode. They start reaching out to members of Congress.

This app is so much more than just an app for dumb TikTok dances.

They fly a group of TikTok stars and small businesses to come to DC —

This is a life-changing apps.

— and lobby on the steps of the Capitol and meet with lawmakers.

Standing up here with all these amazing TikTokers behind me is a complete honor, and every single one of them would voice their opinion just like this. This is how we feel. This has to stop.

They set up interviews between these TikTok creators, as they’re known, and big TV shows and news programs. And they’re doing everything they can to fight against this bill before it goes any further. And then they decide to do something unusual, which is use TikTok itself to try and derail this bill.

How exactly do they do that?

So days after this bill is announced, a ton of TikTok users get a message when they open the TikTok app that basically says, call Congress and tell them not to ban TikTok.

Hmm. OK. So like, literally this window comes up and says, call Congress. Here you go.

Exactly. You can enter your zip code, and there’s a button that appears. And you can press it, and the call goes straight to your representative.

So offices are quickly overwhelmed by calls. And TikTok sent out this message to users on the same day that a House committee is going into vote on this bill and whether to move it forward. And so the stunt happens. They go into vote, and they come out, and it’s 50 to 0 in support of the bill.

One of the representatives who worked on the bill said that this stunt by TikTok turned a lot of no’s into yeses and yeses into, quote, “hell yeses.”

[LAUGHS]: so the whole episode sounds like it actually backfired, right? Like, TikTok’s stunt essentially just confirmed what was the deepest fears of lawmakers about this company, that the app could be used to influence American politics.

That’s definitely how a lot of lawmakers viewed it. And when this bill is brought to the full House a week later, it passes by an overwhelming majority. And weeks later, it passes in the Senate as part of a broader aid package. And on Wednesday, it’s signed into law by President Biden.

But now the question is, what does it mean? Like, how will this actually work? And how will it affect the tens of millions of Americans who use TikTok every day?

[MUSIC PLAYING]

We’ll be right back.

So Sapna, now that Biden has signed this bill, what does it actually mean in practice for TikTok? What does the law do?

So the law is really trying to push ByteDance, the company that owns TikTok, to sell to a non-Chinese owner. And the company basically has nine months for this sale to happen. There’s an option for President Biden to add another three months to that clock. And if the company doesn’t find a buyer or refuses to be sold, it will be banned.

And what would a ban actually mean, Sapna? I mean, people would still have the app on their phones, right? So it wouldn’t disappear overnight.

Yeah, no one’s coming to pick up your phone and to forcibly delete this thing. What the law says is that app stores and web hosting services wouldn’t be allowed to carry TikTok anymore. So basically, it would kind of die a slow death over time, where it wouldn’t be updated and just kind of peter out.

So the bottom line here is that the clock has started on this potential sale, right? They have 12 months to find a buyer. So what are the obstacles here? I mean, it sounds pretty ferociously complicated.

There’s a ton of challenges here. And it’s a very messy choose-your-own adventure. So one of the first big questions is who could buy this?

ByteDance and TikTok are private. We don’t know their financials. But analysts estimate that it will cost tens of billions of dollars. That narrows the buying pool pretty quickly. And a lot of the companies that could afford to buy it, like Meta, the owner of Facebook, or Google, which owns YouTube, would probably be kicked out of the running because they are simply too big. Regulators would say, you already own these big apps. You can’t possibly add this to your stable.

There’d be a monopoly concern there.

Exactly. And then, there’s a lot of questions around how this would work, technically. ByteDance and TikTok are very much global organizations. You have the CEO in Singapore. They have huge operations in Ireland. They have this big workforce in the US. And of course, they do have engineers in China.

So how do you extract all those things, make it all work? It’s a very big international transaction.

And then there is the chance that the Chinese government blocks this sale and says, you cannot do this, ByteDance. We will not allow it.

So Sapna, how does that actually work, though, in terms of China? I mean, can China actually just ban the sale of this company? I mean, it is a private company after all, right?

Well, here’s one way it could work. The Chinese government could block the export of TikTok’s algorithm. And let me explain that in kind of plain English.

They could basically block the technology that fuels the TikTokiness of this app, the recommendations, the magic of it, why you see what you see when you’re looking at TikTok.

TikTokiness, is that an adjective?

That is now an adjective.

[LAUGHS]: Nice.

And there’s a chance that Beijing could say, hey, you can’t export this technology. That is proprietary. And if that happens, that suddenly makes TikTok way, way less valuable.

So the Chinese government could let the sale go through potentially, but as a kind of an empty shell, right? The thing that makes TikTok TikTok, the algorithm, wouldn’t be part of the company. So that probably isn’t very appealing for a potential buyer.

Exactly. And I mean, the role of the Chinese government here is really interesting. I’ve talked to experts who say, well, if the Chinese government interferes to try and block a sale of this app, doesn’t that underscore and prove all the concerns that have been expressed by American lawmakers?

If you’re worried about China being in control of this thing, well, that just confirmed your fears.

Exactly. And I mean, it’s an interesting thing that ByteDance and TikTok have to grapple with.

So bottom line here — selling TikTok is quite complicated, and perhaps not even possible for these reasons that you’re giving, right? I mean, not least of which because the Chinese government might not allow the algorithm to leave the country. And that’s not something that the US Congress has a lot of control over.

So is this law fundamentally just a ban, then?

That’s what TikTok is calling it. Right after this bill was signed into law on Wednesday —

Make no mistake, this is a ban, a ban on TikTok and a ban on you and your voice.

— Tiktok’s CEO made a TikTok — what else?— that explained the company’s position.

Because the freedom of expression on TikTok reflects the same American values that make the United States a beacon of freedom.

He actually argued that TikTok reflects American values.

TikTok gives everyday Americans a powerful way to be seen and heard. And that’s why so many people have made TikTok part of their daily lives.

And he said that this law infringes on the First Amendment free speech rights of Americans who love it and who use it every day.

The facts and the Constitution are on our side, and we expect to prevail again.

So it’s very clear that TikTok plans to challenge this law in court. And the court fight to follow will determine the fate of TikTok’s future in the US.

So is that First Amendment argument that the TikTok CEO is making here going to work?

Nobody wants to put money on that. I mean, the company is really approaching this with the idea that the First Amendment rights of Americans are being infringed on. But if you remember, the government has been working on this law. They’ve been anticipating those challenges. And they can justify an infringing of First Amendment rights in certain cases, including with national security concerns. And so it’ll be up to a judge on whether those concerns pass muster and justify this sale and even a potential ban of TikTok.

Got it. So TikTok will argue free speech, First Amendment. And the government will counter by saying, look, this is about China. This is about America’s national security interests.

That’s right. And the legal experts that I’ve spoken with say this is a really big and sticky area of the law, and it’s a huge case. And they really think that this will go to the Supreme Court, regardless of who wins in the first round of this.

So where does that leave the millions of Americans who use TikTok, and many of them, of course, who earn a living on the platform?

I mean, it’s really uncertain what happens now with the company, and the clock has started ticking. When I’ve looked at TikTok and looked at videos from users —

This is about the impending TikTok ban. And it just triggered me so much. It makes my blood boil, and I have to get this out there.

There’s a lot of shock —

The most success I’ve had has been here on TikTok, and now they’re trying to take it away.

This is so stupid!

— and anger.

You can’t ban apps! You can’t ban things from people!

People are confused.

Word on the street is that in the next 9 to 12 months, TikTok could be banned.

And they’re also caught a bit off guard, just because there have been these years of efforts to do something about TikTok. People on the app have been hearing about a TikTok ban, really, since 2020.

The government can take away a literal app on our phones, and we’re supposed to believe we’re free?

A few TikTokers have said, how can this be the thing that the government is pushing through so quickly?

Can we stop funding a genocide? No. Can we get free COVID tests? No. Can we stop killing the planet? No. Can we at least watch videos on an app of people doing fun things and learn about the world around us? No.

So there’s this sense of distrust and disappointment for many people who love this app.

We got rid of TikTok. You’re welcome. Protecting you from China. You know that phone was made in China. Ah!

And I think there’s also this question, too, around what about TikTok makes it so harmful? Even though it has increasingly become a place for news, there’s plenty of people who simply use this app for entertainment. And what they’re seeing out of Washington just doesn’t square with the reality they experience when they pull out their phones.

And I wonder, Sapna, I mean, just kind of stepping back for a second, let’s say this ban on TikTok succeeds. If it goes through, would Americans be better off?

It depends who you ask. For the users who love TikTok, if it actually disappeared, it would be the government taking away a place where maybe they make money, where they get their entertainment, where they figure out what to read or what to cook next. To free speech advocates, this would be dystopian, unheard of for the government to crack down on an app with such wide usage by Americans.

But for the American political class And the National security establishment, this is a necessary move, one that was years in the making, not something that was just come up with on the fly. And ultimately, it all comes down to China and this idea that you can’t have a social media app like this, a source of news like this, that is even at all at risk of being influenced by the Chinese government and our greatest adversaries.

Sapna, thank you.

Here’s what else you should know today. On Monday, in its latest high-profile showdown with pro-Palestinian protesters, Columbia University gave students until 2:00 PM to clear out from an encampment at the center of campus or face suspension. It appeared to be an effort to remove the encampment without relying on New York City Police, whose removal of a previous encampment there two weeks ago inspired similar protests on campuses across the country.

Free Palestine!

Hi, this is Sharon Otterman reporting for “The New York Times.”

00 PM deadline for protesters to clear out of the encampment at the center of Columbia University has come and gone, and there’s still quite a large contingent inside the encampment.

But Monday’s warning seemed only to galvanize the Columbia protesters and their supporters.

And hundreds of students and others from around the campus have come out to support them. They are currently walking around in a picket around the encampment.

Hundreds of students, standing for or five people deep, encircled the encampment in a show of solidarity. They were joined by members of the Columbia faculty.

There’s also dozens of faculty members, who are prepared to stand in lines in front of the main entrance to the encampment, in case Public Safety or the NYPD move in. But as of 2:00, there was no sign of that happening.

Then, on Monday evening, Columbia announced it had begun to suspend students who had failed to leave the encampment. It was unclear exactly how many students had been suspended.

[PRO-PALESTINE CHANTING]:

Today’s episode was produced by Will Reid, Rachelle Banja, and Rob Szypko. It was edited by Marc Georges and Liz O. Baylen, contains original music by Dan Powell and Marion Lozano, and was engineered by Chris Wood. Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sharon Otterman.

That’s it for “The Daily.” I’m Sabrina Tavernise. See you tomorrow.

• May 1, 2024   •   35:16 The New Abortion Fight Before the Supreme Court
• April 30, 2024   •   27:40 The Secret Push That Could Ban TikTok
• April 29, 2024   •   47:53 Trump 2.0: What a Second Trump Presidency Would Bring
• April 26, 2024   •   21:50 Harvey Weinstein Conviction Thrown Out
• April 25, 2024   •   40:33 The Crackdown on Student Protesters
• April 24, 2024   •   32:18 Is $60 Billion Enough to Save Ukraine?
• April 23, 2024   •   30:30 A Salacious Conspiracy or Just 34 Pieces of Paper?
• April 22, 2024   •   24:30 The Evolving Danger of the New Bird Flu
• April 19, 2024   •   30:42 The Supreme Court Takes Up Homelessness
• April 18, 2024   •   30:07 The Opening Days of Trump’s First Criminal Trial
• April 17, 2024   •   24:52 Are ‘Forever Chemicals’ a Forever Problem?
• April 16, 2024   •   29:29 A.I.’s Original Sin

Hosted by Sabrina Tavernise

Featuring Sapna Maheshwari

Produced by Will Reid ,  Rachelle Bonja and Rob Szypko

Edited by Marc Georges and Liz O. Baylen

Original music by Marion Lozano and Dan Powell

Engineered by Chris Wood

Listen and follow The Daily Apple Podcasts | Spotify | Amazon Music

American lawmakers have tried for years to ban TikTok, concerned that the video app’s links to China pose a national security risk.

Sapna Maheshwari, a technology reporter for The Times, explains the behind-the-scenes push to rein in TikTok and discusses what a ban could mean for the app’s 170 million users in the United States.

On today’s episode

Sapna Maheshwari , who covers TikTok, technology and emerging media companies for The New York Times.

Background reading

A tiny group of lawmakers huddled in private about a year ago, aiming to bulletproof a bill that could ban TikTok.

The TikTok law faces court challenges, a shortage of qualified buyers and Beijing’s hostility .

Love, hate or fear it, TikTok has changed America .

There are a lot of ways to listen to The Daily. Here’s how.

We aim to make transcripts available the next workday after an episode’s publication. You can find them at the top of the page.

Special thanks to Sharon Otterman .

The Daily is made by Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Sydney Harper, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Rachelle Bonja, Diana Nguyen, Marion Lozano, Corey Schreppel, Rob Szypko, Elisheba Ittoop, Mooj Zadie, Patricia Willens, Rowan Niemisto, Jody Becker, Rikki Novetsky, John Ketchum, Nina Feldman, Will Reid, Carlos Prieto, Ben Calhoun, Susan Lee, Lexie Diao, Mary Wilson, Alex Stern, Dan Farrell, Sophia Lanman, Shannon Lin, Diane Wong, Devon Taylor, Alyssa Moxley, Summer Thomad, Olivia Natt, Daniel Ramirez and Brendan Klinkenberg.

Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Paula Szuchman, Lisa Tobin, Larissa Anderson, Julia Simon, Sofia Milan, Mahima Chablani, Elizabeth Davis-Moorer, Jeffrey Miranda, Renan Borelli, Maddy Masiello, Isabella Anderson and Nina Lassam.

Sapna Maheshwari reports on TikTok, technology and emerging media companies. She has been a business reporter for more than a decade. Contact her at [email protected] . More about Sapna Maheshwari

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PMQs latest: Yousaf denies he's victim of plot - as pre-elections PMQs leaves lots to be desired

Rishi Sunak faced Keir Starmer at the final PMQs before this week's pivotal local elections. It comes as a Tory mayor seeking re-election shuns the prime minister in his campaign literature - instead relying on the endorsement of Boris Johnson.

Wednesday 1 May 2024 14:13, UK

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• First illegal migrants bound for Rwanda detained
• Johnson tells voters to 'forget about the government'
• Sam Coates: I've got to apologise after today's PMQs
• Yousaf denies he was victim of plot to oust him
• Scottish government facing vote of no confidence
• Contest for new first minister explained | Why Yousaf resigned
• Local elections:  All you need to know about this week's votes
• Live reporting by Charlotte Chelsom-Pill

Boris Johnson is "welcome" to campaign for Conservative candidates, the prime minister's spokesperson has said, as Sky News reveals the Tory mayor of the West Midlands is sending voters an endorsement from the former prime minister. 

Sky's deputy political editor Sam Coates says Andy Street's campaign team is sending out literature with pictures of him and Mr Johnson, which openly admits problems with the Conservatives' reputation ( see post at 11am ).

Meanwhile, his campaign website makes no mention of Rishi Sunak on its homepage and is coloured in green rather than Conservative blue. 

West Midlands race 'very important'

Sam says it suggests the mayor is trying to run on his credentials as an independent campaigner rather than under the unpopular Tory brand.

Asked how the prime minister feels about northern mayors appearing to distance themselves from him, while highlighting an alliance with Mr Johnson, the spokesperson said "of course we would welcome" Mr Johnson's involvement in any campaigns.

"When you look at the absolute mess that Labour have made of Birmingham City Council, pretty much driven it to bankruptcy, it's no surprise that Conservatives think this race is, absolutely, very important." 

The other candidates in the West Midlands are:

• Siobhan Harper-Nunes, Greens;
• Richard Parker, Labour;
• Sunny Virk, Lib Dems;
• Elaine Ruth Williams, Reform;
• Akhmed Yakoob, independent.

By Tim Baker , political reporter

Officers have raided the homes of the first people to be deported to Rwanda.

It comes following the recent passing of the Safety of Rwanda Act, which declared the central African nation safe following concerns raised by the Supreme Court last year.

A video released by the Home Office showed officers entering homes and bringing out people detained in handcuffs, before putting them in the back of secure vans.

According to the government, "operational teams within the Home Office have been working at pace to safely and swiftly detain individuals in scope for relocation to Rwanda, with more activity due to be carried out in the coming weeks".

It comes after a failed asylum seeker voluntarily chose to go to Kigali once their application to stay in the UK failed.

The Rwanda plan has been a major policy for the Conservative government since April 2022, but has faced repeated legal challenges.

The government has previously said it has 2,200 "detention spaces", alongside 200 new caseworkers and 500 "highly trained escorts" ready.

It added that planes have been booked, with flights set to take off in nine to 11 weeks' time.

Read more here:

Outgoing first minster Humza Yousaf has told Sky News the SNP and independence movement would be harmed by a leadership contest becoming toxic.

The departing leader said he has "reflected" on his role in last year’s bruising campaign and urged any future candidate to "talk up" the other rather than "talk down".

Mr Yousaf, who is refusing to get drawn into the future direction of the SNP, said any suggestions of him being forced out of office to make way for John Swinney were "complete and utter rubbish".

Speaking to Sky News, the outgoing leader refuted suggestions independence was further away than ever before but admitted the "road to independence is more challenging…there's no getting away from that".

Mr Yousaf said the party still had “around 70,000” members but admitted he hadn't checked the numbers in recent months.

The week has kicked off with a huge political story - the resignation of Humza Yousaf - and will end with another, as voters across England and Wales turn out for the local elections.

Sky's political reporter Alexandra Rogers   has looked ahead to a potentially defining night for Rishi Sunak's premiership, when hundreds of council seats, police and crime commissioner jobs, and mayoral posts will be up for grabs.

Read her full explainer below:

PMQs has come to a close - and even enthusiasts like our deputy political editor Sam Coates struggled a bit with this week's session.

You certainly wouldn't have guessed it was the final Sunak-Starmer face-off before some critical local elections - it was a PMQs lacking for "passion" and any "razzmatazz".

"It was very pedestrian," admits Sam, saying he has to apologise to viewers who had every right to expect more.

"The only thing that made me laugh was the Speaker at the beginning going, 'who's banging on the furniture?! They'll have to pay for the damage!'

"That's the closest we got to wit."

Sam notes one moment where, under questioning from Sir Keir, the prime minister refused to rule out scrapping the winter fuel allowance.

But the best exchange for Sam involved Stephen Flynn, the Westminster leader of this week's "most troubled party of all" - the SNP.

He asked about the deployment of UK forces to the Middle East to help US forces distribute aid in Gaza - and Mr Sunak didn't rule it out.

Stephen Crabb, the Tory MP for Pembrokeshire, is up next.

"Thousands of my constituents have lived with foul polluted air," he says, pointing to a local landfill site operated by a business.

"[That] company is owned by somebody with previous convictions for environmental crimes and who a few months ago gave £200,000 to help Vaughan Gething become first minister of Wales."

He also mentions a £400,000 loan given to another of the businessperson's companies by the Bank of Wales, which he says was overseen by Mr Gething as economy minister at the time. 

"Does the prime minister agree with me that this serious matter demands an independent investigation?"

Rishi Sunak says the case is "an incredibly important issue".

"I know that people in Wales are concerned about the relationship that he mentions and I also agree with him on the need for transparency and an investigation regarding the Welsh Labour leader, because it's very clear that the situation is not at all transparent and answers are needed."

The UK has "no legal obligation to accept returns of illegal migrants from Ireland", Rishi Sunak declares after a question from the DUP politician Carla Lockhart.

Referring to the Safety of Rwanda Act, which became law last week, he says "it's no surprise that our robust approach to illegal migration is providing a deterrent".

Ireland's prime minister has insisted the UK must respect an existing arrangement between the two countries to take back asylum seekers.

Simon Harris told Sky News yesterday that the UK must honour the deal, in place since 2020, as the row escalated over the Irish government's new plans to return to the UK asylum seekers who cross the border from Northern Ireland.

His comments came after Ireland's deputy prime minister and foreign secretary Micheal Martin said the threat of deportation to Rwanda was causing "fearful" migrants to head for Ireland instead of the UK.

You can read more on that row here:

By Gurpreet Narwan, political correspondent

With Israel determined to launch an offensive in Rafah, Gaza's southernmost city, the prime minister was pushed on the UK's position on a plan that has raised global alarm.

Against the backdrop of increasingly tense protests and counterprotests on US campuses, Mr Sunak was pushed on levels of humanitarian aid going into Gaza and the UK's ongoing arms exports to Israel. 

The prime minister held firm, pointing out that Israel has "a right to defend itself" and talked up UK efforts to get aid into Gaza.

It's a tense issue for Labour too, and the party could pay the price at the ballot box tomorrow, especially in constituencies with large Muslim populations.

"Our coast has taken a battering," the prime minister is told by Tory MP Peter Aldous as he asks about funding for infrastructure to protect coastal communities. 

Mr Sunak says almost £1bn of levelling up funding has been allocated to the east of England, including £75m for "coastal places".

He says he will secure a meeting between Mr Aldous, the MP for Waveney in Suffolk, and the relevant minister to discuss how his region can be further supported.

SNP MP Deidre Brock asks the prime minister about "shady" groups behind what she describes as "gutter politics". 

She raises a Greenpeace report that alleges 36 "supposed grassroots campaign groups" were "actually administered by Conservative staff and activists". 

The groups acted as "global forums for vile racism, antisemitism and Islamophobic attacks on Sadiq Khan", she says.

"Can the prime minister shed some light on the shady groups spreading abuse, their funding, their links to his party and whether he is aware of similar operations existing elsewhere in the UK?"

The prime minister stands and says he is unaware of the reports. 

He is unapologetic, however, for any Conservatives pointing out the "record" of other parties. 

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Cashback will be paid to the account no later than 4 months after opening.  

Eligibility and Terms and Conditions: 

The promotion is open to businesses that do not have or have not held, a bank account with National Bank in the past 12 months. This promotion cannot be combined with other promotions offered by National Bank. 

Promotion may be changed, extended or cancelled at any time without prior notice. 

Commitment: 

The business must keep the required products and services for a minimum of 12 months. Failure to comply with this condition will result in the business having to reimburse National Bank a proportional amount for the period during which it did not retain the required products and services, within 30 days of receiving a request for reimbursement.

Legal disclaimers

1 These packages cannot be applied to interest-bearing current accounts or current accounts in USD. Only non-interest-bearing current accounts in CAD are eligible.

2 ePackage: Deposit of notes, cheques or coins not included. All non-electronic debit or credit transactions (requiring action by a National Bank agent/representative or requiring a cheque to be issued) will be billed at $2.50. When subscribing to the ePackage, the activation of Internet Banking Solutions - Businesses is required. 

3 To make an application for an online account, you must have online access to an active personal account at a Canadian financial institution. If so, we will identify you and begin the process of opening your online bank account. Please note, however, that we will not be able to finalize the account opening online. An expert will contact you within 1 to 2 business days to confirm your identity, assess your needs and activate your account. You will then need to visit a branch to pick up your debit card.  

® NATIONAL BANK BUSINESS CENTRAL is a registered trademark of National Bank of Canada.

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National Small Business Week 2024 begins; IRS offers tax resources, information to nation's entrepreneurs

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IR-2024-123, April 26, 2024

WASHINGTON — The Internal Revenue Service today offered helpful information to entrepreneurs in anticipation of the upcoming kick-off of National Small Business Week , celebrating and recognizing the crucial contributions America's small businesses make to the nation's economy.

Each year, the U.S. Small Business Administration spearheads National Small Business Week, helping entrepreneurs with resources, benefits and other important business startup information that small business owners can use to launch their enterprises. This year's celebration — Building on America’s Small Business Boom — runs from April 28 through May 4.

The Internal Revenue Service is a partner in the National Small Business Week celebration, and this year the IRS will be showcasing numerous resources to help small business entrepreneurs learn and understand their tax responsibilities and benefits. Throughout the week, IRS will be publishing helpful information in its popular tax tips e-News publications, as well as on IRS social media platforms including Facebook , X (formerly Twitter), LinkedIn and Instagram .

Next week, the IRS will share several important tax topics to help small business entrepreneurs prosper and grow:

• Monday, April 29. Best practices for small businesses — The IRS strongly encourages small business entrepreneurs to take advantage of the numerous resources available on IRS.gov. Knowing how to start a business and understanding best practices are essential for the success of small businesses.
• Tuesday, April 30. What to know when starting a business — Gain insights into key factors to consider when launching a new business venture. Access the Starting a business webpage to ensure a strong foundation for an entrepreneurial journey.
• Wednesday, May 1. Beware of scams — The IRS Dirty Dozen and more. Most cyberattacks are aimed at small businesses with fewer than 100 employees. Small business owners must implement data protection safeguards and always be on the lookout for tax-related scams.
• Thursday, May 2. Tips for tax pros who support small businesses — Stay informed with the latest IRS updates and access resources tailored for tax professionals.
• Friday, May 3. Expect the unexpected — The IRS can help small businesses after a disaster. A critical focus of the IRS is to relieve the federal tax burden of taxpayers who have been impacted by federally declared disasters. The IRS works with various agencies to provide assistance and coordinate disaster relief.

Seeking to start a small business involves several important considerations related to tax issues:

How to get an employer identification number

Most business owners need an employer identification number (EIN) , a permanent form of identification that, in many cases, must be used for filing a tax return and can be used for various business needs such as opening bank accounts. Businesses can get an EIN online immediately at IRS.gov, and it's free.

Choosing a business structure

Small business owners, as taxpayers, must decide on what the most appropriate business structure should be for their enterprise when they start their new business . The business structure they choose dictates the type of income tax return form that the business owner will file each year. Some common business structures include:

• Sole proprietorship . Individuals who own unincorporated businesses exclusively, by and for themselves are sole proprietors.
• Partnerships . A partnership is the relationship between two or more people to conduct trade or business, with each person contributing money, property, labor or skill and sharing in the profits and losses of the business.
• Corporations . In a corporation, prospective shareholders exchange money, property or both in order to acquire the corporation's capital stock.
• S corporations . An S corporation is a corporation that elects to pass corporate income, losses, deductions and credits to its shareholders for federal tax purposes.
• Limited liability company (LLC) . An LLC may be treated as a corporation, a partnership or as part of the owner’s tax return (e.g., sole proprietorship), depending on elections made by the LLC and its members. LLCs may also be subject to state regulations, which vary from state to state.

Understanding business taxes

Federal law requires all individuals, including small business owners, to pay taxes on all income earned. This typically involves making quarterly estimated tax payments for small business owners and self-employed individuals . How business taxes are paid depends on the business structure that an entrepreneur has chosen. The following are the four generally recognized business tax types:

• Income tax. With the exception of partnerships, all businesses must file an annual federal income tax return; partnerships must file an information return.
• Self-employment tax. A Social Security and Medicare tax primarily for individuals who work for themselves. Tax payments contribute to the individual’s Social Security system coverage.
• Employment tax. Small businesses with employees have certain employment tax responsibilities that must be paid, along with specific forms that must be filed.
• Excise tax. Imposed on various goods, services and activities, excise taxes may be imposed on a manufacturer, retailer or consumer, depending on the specific tax.

Choosing a “tax year”

A "tax year" is an accounting period for reporting income and expenses. Small businesses can choose which tax year works best for their operational needs:

• Calendar year. Twelve consecutive months beginning January 1 and ending December 31.
• Fiscal year. Twelve consecutive months ending on the last day of any month except December. A 52- to 53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month.

Be a responsible recordkeeper

Maintaining well-organized business records not only helps in tax return preparation, but also assists small business owners in preparing financial statements, identifying income sources, tracking deductible expenses and monitoring their business progress. Small business owners should retain their business records for at least three years.

More small business information

• Small Business and Self-Employed Tax Center
• 10 steps to start your business
• Hobby or business? IRS offers tips to decide
• Industries, professions and business tax centers

Finally, for more information on a broader range of topics and answers to small business tax questions, visit the IRS website at IRS.gov.

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