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Do I need a business bank account to set up as a sole trader?

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  • 17-04-2013 11:53am
    #1
    pennypitstop
    Banned (with Prison Access) Posts: 86 ✭✭


    If I set up as a sole trader do i need a business bank account or can I just set up my own personal current a/c?

    Alternatively could I use my husbands Bank account to accept bank transfers or to lodge cheques into?


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    #2
    dbran
    Registered Users Posts: 2,094 ✭✭✭dbran


    Hi

    It is generally considered best practice to set up a separate business bank account. Business transactions should normally be kept separate from your own personal affairs.

    However this may be impractical particularly if the business is very small with just a few transactions.

    Regards

    dbran


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    #3
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    So the simple answer is no, but a separate one is a good idea. Some banks offer free banking for a year to two to startups, might be worth a look.


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    #4
    3sixty
    Registered Users Posts: 41 ✭3sixty


    Set up seperate business account all the way.It keep things clean and tidy.

    When you open the bank account it will be for a sole trader.
    So it will be eg. your name trading as pennypitstop.

    This means you will also be able to accept cheques in your own name or your trading name. Which comes in handy too.

    One other thing in order to open a business bank account you need to register the business name first. Banks need the registration certificate. It cost 20euro at the www.cro.ie.

    Good luck.


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