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ardour-art.com
23-01-2006, 01:17 PM
Wondering if anyone could help in here as it seems Mentors don't read the mentor help pages!

I wanted to know if i had to set up a business bank account if i am setting up as a sole trader or is my personal bank account sufficient?

thanks for any responses!

:)

shamrocker
23-01-2006, 02:29 PM
Hi,

You're absolutely right, I was on the mentor section the other day and none of the posts have been replied to for ages. I was going to put a thread on here asking about it, but you beat me to it. Perhaps some of the Mods can tell us what's happening with it.

Re. the bank account. It's best to keep business and personal finances separate. So, I would advise you to set up a separate account for your business activities. It will make it much easier for you to keep a track on your business transactions.

darrenatkinson1981
23-01-2006, 02:35 PM
Hi,

I am in the process of setting up a new venture and I have decided to just get a separate personal bank account for use in the new business.

Im certain that for many reasons this is not recommended though. I will not need overdrafts or loans, at least not for the initial period, so I dont see any point in paying banking charges.

Good luck,

Darren

shamrocker
23-01-2006, 02:46 PM
Most banks offer special opening offers of between 12 and 18 months free business banking. I'd definitely opt for this as it means you can accept cheques etc. in the name of your business (e.g. PK Gardening Services) which appears much more professional to clients.