Am I required to maintain a separate checking account for my Caring Transitions business?

According to Caring Transitions' 2025 Franchise Disclosure Document, you are required to maintain a separate checking account to be used only for your business. The bank will require an initial deposit when you open the account, which is nominally between $50 and $100. This account is specifically for your Caring Transitions business and not for personal use.

Maintaining a separate checking account is a common practice in franchising and business ownership. It helps in tracking income and expenses accurately, simplifying bookkeeping, and ensuring compliance with accounting standards. It also provides a clear distinction between personal and business finances, which is important for tax purposes and liability protection.

In addition to the bank deposit, the FDD outlines other initial expenses, such as the initial franchise fee of $53,900, computer systems ($1,000 to $3,000), and travel and living expenses while training ($2,000 to $4,000). It's important to factor in these costs, along with the checking account deposit, when planning your initial investment for a Caring Transitions franchise.