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Should I get a business bank account?

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  • 24-04-2008 12:31pm
    #1
    spectre
    Registered Users Posts: 729 ✭✭✭


    I'll be starting a small enterprise in the coming few weeks.

    I expect to be making small weekly cash lodgements and may require a 10k loan to expand the business in the near future.

    Should I bank through my personal current account or set up a dedicated business acount?

    My personal account doesn't attract any fees. I presume that business accounts would?

    Do business loans cost more?

    Thanks


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    #2
    ImDave
    Registered Users Posts: 1,096 ✭✭✭ImDave


    From an accounting perspective, it will be more straightfoward if you can process all business transactions through a business account. Your business account will attract fees, but a number of banks are offering deals on banking charges for new businesses. I think BOI are offering 6 months free banking.


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    #3
    AccessQuery
    Closed Accounts Posts: 81 ✭✭AccessQuery


    spectre wrote: »
    Should I bank through my personal current account or set up a dedicated business acount?

    Set-up a dedicated business account to handle your business transactions, or putting your tax returns together will be a nightmare. All bank fees/charges on this account can be offset against your tax bill .
    spectre wrote: »
    Do business loans cost more?

    Generally yes, but as with any other purchase shop around.


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    #4
    JoeTurner
    Registered Users Posts: 201 ✭✭JoeTurner


    Open a business bank account and keep the personal stuff separate from the business....

    In addition to what's been said in previous posts, if you ever get a Revenue audit and they look at your bank account it would be a nightmare if the personal stuff was in there too. Much cleaner to keep it separate.

    Joe


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    #5
    Smcgie
    Registered Users Posts: 1,379 ✭✭✭Smcgie


    i too am thinking of opening a business banking account. Is it compulsery to register your company name wit CRO beforehand or does it matter at all?

    I agree that Business/Personal accounts must be kept seperate. It makes perfect sence.


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    #6
    ScouseMouse
    Closed Accounts Posts: 5,070 ✭✭✭ScouseMouse


    I opened my own business in october and Ulster Bank gave me 3 years of free banking. Check to see if its still running.


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    #7
    AccessQuery
    Closed Accounts Posts: 81 ✭✭AccessQuery


    Smcgie wrote: »
    i too am thinking of opening a business banking account. Is it compulsery to register your company name wit CRO beforehand or does it matter at all?

    I agree that Business/Personal accounts must be kept seperate. It makes perfect sence.

    Morning,
    If you need a limited company you'll need to contact the CRO or a company formations agent.

    On the other hand if you're a Sole Trader CRO don't get involved, unless you want to register a business name. That'll only cost €20 when done via www.CRO.ie.


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    #8
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    superscouse wrote: »
    I opened my own business in october and Ulster Bank gave me 3 years of free banking. Check to see if its still running.

    Most of them will give you at least two years free. Business loans tend to be cheaper than personal loans but AFAIK they tend to be dependent on the submission of a business plan.

    I'd also recommend a separate business account, for ease of accounting.


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