What Bank Account is best for a 16 year old sole trader?

rageagainstessays

I just need to know, like really quickly.
Intend to meet with an accountant on Wednesday then do the processes to become one then start trading on the 20th.

I'm thinking of just using my personal account because I will not need an over draft or anything..
I basically just need what my personal account already does.

is that legal though?

pmduk

It would depend on the terms and conditions of you personal account. I suspect the bank would frown upon it. I think you'd be best asking your accountant for his advice. He should know the local banks. Best of luck.

jonesMUFCforever

What kind of business are you setting up?
Remember you are too young to enter into any legal contracts (eg buying stock etc) and too young to open a business account.

I admire your pluck and hope you make a go of it but take care.

rageagainstessays

jonesMUFCforever wrote: »

What kind of business are you setting up?
Remember you are too young to enter into any legal contracts (eg buying stock etc) and too young to open a business account.

I admire your pluck and hope you make a go of it but take care.

Property Management Consultancy Basically Landlords will pay me a fee to create them a report tailored to their requirements about each of my 'partner' management firms in order to see who can provide them with the best service. I'm not going to recommend any particular firm to them as then I can be sued for liable I'm just going to present them with the facts in an easy digestible way for them to make their decision.

missile

........ do you have any clients?

As a sole trader you do not need an accountant. It is legal to use your personal account, but maybe against the banks rules.

stclair

Youll most likely find it will be against the banks T&Cs to operate business transactions through a personal account.

rageagainstessays

missile wrote: »

........ do you have any clients?

As a sole trader you do not need an accountant. It is legal to use your personal account, but maybe against the banks rules.

Oh, not so good then And yeah I'm working on the clients and the partner agents. A large company contacted me today but they don't operate in the area that I do. They only had offices in Mayfair, Manchester and Birmingham, which was a bit disappointing

jonesMUFCforever

..............and they worked on a bank holiday?

As I say you are not old enough to do business of this sort as you cannot take out insurance to cover any liability if you are sued.

rageagainstessays

jonesMUFCforever wrote: »

..............and they worked on a bank holiday?

As I say you are not old enough to do business of this sort as you cannot take out insurance to cover any liability if you are sued.

Damn not good Oh well. I suppose I will have to rethink haha.

Actually, I've rethought: I like my idea. I don't see how I can be sued for everything that I put in reports, when it's basically recalling information published by the estate agents. So who's going to sue me?

[Deleted User]

defo cant as i used my bank account for eBay and yorkshire bank closed it down for business usage LOL :S

jonesMUFCforever

samc1234 wrote: »

Damn not good Oh well. I suppose I will have to rethink haha.

Actually, I've rethought: I like my idea. I don't see how I can be sued for everything that I put in reports, when it's basically recalling information published by the estate agents. So who's going to sue me?

You have a lot to learn.
Potentially anybody who does not like what you send them can sue you.
:beer:

OOPS sent you a beer but forgot you're too young to drink it LOL