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Bank Acc Issue

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  • 12-08-2011 5:41pm
    #1
    entrepreneur2
    Closed Accounts Posts: 3 ✭


    Hey guys,

    I was in the process of setting up a business, but I have decided to put it on hold (was way too much work to set up and maintain for a sole trader). I had registered business name, website and got business bank account. I didn't register for tax and didn't start trading. The new business is similar service/industry, but it has new name.

    I have since set up another business which is alot more manageable for me and will see profits coming in alot faster. This new business is almost set up fully, but I have one worry. Going to my bank and telling them I'm stopping the first business and starting another one.

    I found the whole process nerve-wracking the first time getting a business bank account, i'm worried what will happen this time. Does it look bad that I quit the first business and am starting a new one?

    Is it possible to just add this new business onto the existing bank account I have? Or will I have to set up a totally new account?

    I'm worried that the bank will deny a second account for me.

    I know I should speak to my local branch and I will on Monday, I just want a heads up from any of you guys who might have been in a situation like this.

    Thanks!


Comments

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    #2
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    Which bank is it with? I had to close 1 of my BOI accounts and they were cool with it.


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    #3
    entrepreneur2
    Closed Accounts Posts: 3 ✭entrepreneur2


    It's with BOI. I'm not so worried about closing the account, it's more worrying will they let me open another business account? Do I have to go through all the process again, filling in all those forms, showing them business plan, etc.

    I'm wondering could I just change the business account name and keep the same account?


  • Options
    #4
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    You can have as many businesses as you like and as many accounts as you like.


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    #5
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    entrepreneur2 wrote: »
    It's with BOI. I'm not so worried about closing the account, it's more worrying will they let me open another business account? Do I have to go through all the process again, filling in all those forms, showing them business plan, etc.

    I'm wondering could I just change the business account name and keep the same account?

    It'll have to be a new account due to the new business name.


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