While a Texas federal district court’s preliminary injunction puts this requirement on hold, many experts expect that to be overturned. In that event, failure to file could lead to fines of $500 per day, up to a maximum of $10,000, and possible criminal penalties.
Founders who skip reading the fine print on their business banking setup often miss recurring fees, interest charges, or account minimum penalties.
The key to surviving the early months is knowing exactly where to spend and where to save without compromising quality or guest experience.