Buying a second business

rich11

We are in the process of buying a second business.The new one is in a totally different industry to the first

Would it be better to use one business account for both business' or open a second account and run them separately?

Any advice would be appreciated

Suarez

One million percent 2 accounts! You will raise so many problems having just 1 accounts for both.

Also, you accountant will most likely charge you more for having to sift through loads of transactions.

rich11

Many thanks Luiz

Pennywise

rich11 wrote: »

We are in the process of buying a second business.The new one is in a totally different industry to the first

Would it be better to use one business account for both business' or open a second account and run them separately?

Any advice would be appreciated

Rather than just a second bank account, you need to be taking professional advice as to whether you open it as a different business, i.e. as a sole trader, partnership or limited company. Lots of pros and cons of it being a separate legal entity as against it being a second trade under the same business entity.

Suarez

rich11 wrote: »

Many thanks Luiz

No problem. And it's Luis to you sir. Anyway, bed now. Big game tomorrow!