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Business vs personal banking for new small business

anoneemuss · 2017-06-20 11:22:36

Just wondering, is there any legal requirement to have a business bank account for a small business/sole trader? I understand that it is important to keep personal and business finances separate but what about just opening a new personal account and using that solely for business expenses? I'm considering branching into…

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20-06-2017 12:22pm

#1

anoneemuss

Registered Users Posts: 7 ✭

Join Date: June 2017

Posts: 5

Just wondering, is there any legal requirement to have a business bank account for a small business/sole trader? I understand that it is important to keep personal and business finances separate but what about just opening a new personal account and using that solely for business expenses? I'm considering branching into freelance work, and just wondering why do I need a business account at all, which costs more, when I'm expecting my activity and income to be pretty minimal?

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#2 20-06-2017 2:21pm
mrawkward

Registered Users Posts: 498 ✭✭

Join Date: July 2016

Posts: 476

asked and answered many times over on here http://www.boards.ie/search/submit/?subforums=1&forum=106&query=business+personal+bank+account

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#3 20-06-2017 11:08pm
antoinolachtnai

Registered Users Posts: 9,793 ✭✭✭

Join Date: January 2003

Posts: 9703

Another possibility - this account may well be viable for you if you don't need cash transactions or a cheque book.

https://www.fire.com/business/index.html

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