Help..Can my mum set up a business account for me

ragdoll1924

I need a business account but due to my bad credit history (because of my ex husband) I have been rejected by all accounts even those who look at ex bancrupts like nat west, santandar etc.
Can my mum set up a basic business account and put me on it as a signatory?

I have this fantastic opportunity of opening up a clothes shop in my home town, I have been researching this for months now, I have a landlord that is giving me his empty shop for a very low rent and letting me use it for just one year instead of making me sign a contract for 6yrs which is the normal leasing terms. I have in place all my suppliers etc etc and have up front funds to start up, the only thing stopping me is getting an account.

Any advise would be greatly appreciated, Im desperate as the landlord wants me in there by the beginning of Oct.

EarthBoy

What do you mean by a "basic business account"? If you mean something similar to basic personal accounts then I don't think such a thing exists.

In any event, I would think that to open a business account your mother would need to provide evidence that she runs a business. As she won't be running a business (you will) I wouldn't think she would be allowed to open a business account.

hermante

EarthBoy wrote: »

In any event, I would think that to open a business account your mother would need to provide evidence that she runs a business. As she won't be running a business (you will) I wouldn't think she would be allowed to open a business account.

Well, you could both go into business together. If you want your mum to open the account for you, and take the risk of things being in her name if it doesn't work out, then you should let her have some say in what you're doing.

InsideInsurance

If you are going to be a sole trader, which I assume you are, then there is no obligation for you to have a "business account". Its only real advantage used to be that you could accept cheques in your trading name but since guarantee cards were scrapped less and less are taking the risk of accepting cheques.

If you are a limited company then you must have a business account but it is the business that has the account not you. What banks do does vary a lot between brands but most will credit check any of the directors or majority shareholders and so unless your willing to be just an employee for the company and your mum receive all the dividends it wont help you much