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Business Account

  • 15-06-2010 4:24pm
    #1
    gavney1
    Closed Accounts Posts: 537 ✭✭✭


    I imagine there have been a few threads in the past on this, so sorry if I'm repeating questions

    1. Is it necessary by law to have a business account for a business?

    2. if so, can I have a few different trading names run from the same account. e.g. say i have my business registered as ABC Ltd, and I trade under two other names, can ALL my customers pay into that one account?

    3. If I DON'T need a business account, and want to just set up a separate PERSONAL account - is that a major disadvantage? Like, are there benefits to having a business account, other than being able to separate your personal from business?

    4. Which is the best bank?


Comments

  • #2
    DoMyBooks
    Registered Users, Registered Users 2 Posts: 355 ✭✭DoMyBooks


    Your not legally obliged to have what the banks call a business account. But you should certainly have a separate bank account for the business.

    If you are running a ltd company there is certain resolutions which must be passed to use a certain bank account. Normally the bank provide the directors with this information if you use a traditional bank account.

    If your A sole trader its much simpler.


  • #3
    thecleverone
    Closed Accounts Posts: 337 ✭✭thecleverone


    1. Is it necessary by law to have a business account for a business?

    No. But it is advisable.
    2. if so, can I have a few different trading names run from the same account. e.g. say i have my business registered as ABC Ltd, and I trade under two other names, can ALL my customers pay into that one account

    Yes. As long as you have registered all business names with CRO and can produce the business name certificates to the bank.
    3. If I DON'T need a business account, and want to just set up a separate PERSONAL account - is that a major disadvantage? Like, are there benefits to having a business account, other than being able to separate your personal from business?

    If you only have a personal account, then you can only lodge and issue cheques in your own personal name. You will not be able to lodge any cheques made out to a business name.
    4. Which is the best bank?

    I think you're looking for the best of a bad lot, but AIB seem to be good enough for new startups and are actually lending at the moment.


  • #4
    AndyJB
    Closed Accounts Posts: 177 ✭✭AndyJB


    thecleverone wrote: »
    AIB seem to be good enough for new startups

    Hi,
    AIB are offering 2 years free banking for new business account openings, but make sure they fill in the free banking application forms as well. A pal of mine never got the "forms" and they had to open new accounts all over again to get their free banking.

    Best of luck.


  • #5
    gavney1
    Closed Accounts Posts: 537 ✭✭✭gavney1


    thanks guys


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