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change to business how do banks respond?

bishops palace · 2010-07-02 11:16:39

Hi guys, Just wondering if there is a change in a business (ie partnership succeeded by sole trader, or sole trader changes to a company), does it generally pose a lot of problems with a business current a/c? Like would the bank treat as new entity where loans and o/d's are concerned or can it be done painlessly with…

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02-07-2010 12:16pm

#1

bishops palace

Registered Users Posts: 45 ✭

Join Date: November 2008

Posts: 31

Hi guys,
Just wondering if there is a change in a business (ie partnership succeeded by sole trader, or sole trader changes to a company), does it generally pose a lot of problems with a business current a/c? Like would the bank treat as new entity where loans and o/d's are concerned or can it be done painlessly with minimal interruption to business. Anyone done this in current "worried banks" climate?

Thanks

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#2 02-07-2010 12:53pm
unclebill98

Registered Users Posts: 3,816 ✭✭✭

Join Date: January 2007

Posts: 3632

It would depend on if there is any facilities and if they are in joint names and vise versa.

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