Sole trader - business bank account - name?

nafe12

Hi there,

About to run a small startup, for now just want to operate as a sole trader (will incorporate later).

Need to have a business bank account to be eligible for some startup grants.

Just wondering, as a sole trader, if the account is in my name, how is it clear that it's a business bank account?
Or do I have to choose some name, then have it 'trading as'?

Or another way of asking, if I setup a bank account as a sole trader, and don't have a trading name, what will the name of the account be?

Thanks

Dobbibill

You choose what it is called. If you do not have a name for your business then that is fine too, it would just be in your name but it would be a business account.

If your business is called 'comfy slippers' and your name is 'Anne Example' then if your customers paid you via cheque and made the cheque payable to 'Comfy slippers' you can bank it in your business account but not in your personal account and vice versa. If you had a cheque book it would detail the name of the business at the bottom along with your name as a signatory, meaning you are authorised to write cheques from this business name.

how is it clear that it's a business bank account?

Who do you want to make it clear to?

nafe12

Dobbibill wrote: »

Y
Who do you want to make it clear to?

Thanks for that.

I'm a startup and applying for some Government grants. They have to be paid into a business account (I meet all the other business criteria)