Ltd company and adding trading names onto a business account

BusinessWoman

I have a ltd company and a business account with Barclays. I have separated my business into three categories as I do three fields of work on the health and beauty industry.

I asked Barclays if I could add three different trading names onto the account so that each section of my business can be distinguished, and I can make a brand for each activity. Barclays have told me that I can only have 1 trading name for a ltd company, if I need more than one trading name then I need to create a new ltd company for the other 2 trading names and and the third onto my existing business account.

I have checked online about this and it looks like you can have as many trading names as you wants on a ltd company.

I need a business account that will allow me to add three trading names and allow all profits from each activity to go into the same business account.

Is this possible?

Thanks in advance

bengalknights

Yes it is possible infact the company i work with have over 70 trading names all linking back to there limited company name and they bank with barclays.

The account all have xxxx Limited T/A xxxx

BusinessWoman

bengalknights wrote: »

Yes it is possible infact the company i work with have over 70 trading names all linking back to there limited company name and they bank with barclays.

The account all have xxxx Limited T/A xxxx

I find this very strange that Barclays will only allow me to add one. In fact I even asked to speak to my Business Managers manager who has advised me to start a new limited company just to add another trading name which I think is ridiculous.

I don't know if I should be thinking to move my banking now :mad:

paddyrg

Business managers at banks are sometimes more relationship managers to attract customers, not product experts. But if he can't help you, there will be banks out there who can...

bengalknights

BusinessWoman wrote: »

I find this very strange that Barclays will only allow me to add one. In fact I even asked to speak to my Business Managers manager who has advised me to start a new limited company just to add another trading name which I think is ridiculous.

I don't know if I should be thinking to move my banking now :mad:

Ask to speak to the barclays corporate team they will sort it out and if they can do it for mid to large corporations they should be able to do it for all.

Premier_2

bengalknights wrote: »

Yes it is possible infact the company i work with have over 70 trading names all linking back to there limited company name and they bank with barclays.

The account all have xxxx Limited T/A xxxx

They must have a very big cheques to get all 70 trading names plus the actual name on

I think what Barclays are saying is that they will only allow the OP one trading name in addition to the true name.

But it is wrong of Barclays to suggest the OP needs a new limited company. Just ask them for another couple of accounts, each with a different trading name linked to the same ltd co.
After all that's why the OP separated the business didn't they?

Premier_2

BusinessWoman wrote: »

... I have separated my business into three categories as I do three fields of work on the health and beauty industry....

I need a business account that will allow me to add three trading names and allow all profits from each activity to go into the same business account.

Is this possible?

Thanks in advance

Why go to all the trouble of separating all the business out and then throwing all the income into the same pot? Surely you want to keep the transactions separate too to maintain the control you initially separated the business for?

Nothing to then stop you from having a holding account that you can sweep all the money into should you want 'one big pot' at some point.

BusinessWoman

This is what I wanted; three separate current accounts with the same bank and add a trading name to each business current account. I am told that this is not possible and with me having some basic knowledge with business accounts and limited companies, I have always believed this to be possible and I did not want to separate all the expenses to three different banks, I want all of them in the same place so I can keep an eye on all of them in one place on Internet banking.

The reason why I wanted this done was because two of my business activities are e-commerce stores, one selling accessories and one selling health and beauty products, as these activities are different, I wanted them separate, it allows me to truly measure how well each business is doing and how quickly they are growing. I am not too worried about the cost of merchant account because I am currently using PayPal and google checkout only on one business which is low cost rather than paying two merchant/payment gateway fees.

I will try and call again tomorrow and see what they say because this is rediculous. I can only speak to a business manager and normally have to wait about 10 days before anything is done and it is really bugging me.

The more I think about it, the more convinced I am to change banks...