partnership and business bank account

chappers

If as a partnership we open a business bank account, will the bank report to our credit files.
It is so long since I have run a business bank account that hasn't been through a limited company, I can't remember.
Also would the same apply to a business credit card taken out under the same circumstances.

Thanks
Gareth

sourcrates

Hi,

Can’t answer your question I’m afraid, may I suggest you give a Business Debtline a ring, they may be able to help you.

CKhalvashi

I've held Santander, Barclays and HSBC accounts in non-limited names in the last 6 years (none still open, 2 banks as partnership and 1 as sole) and nothing for any of the three has ever shown on my personal credit file on Noddle.

Hope this helps.

chappers

CKhalvashi wrote: »

I've held Santander, Barclays and HSBC accounts in non-limited names in the last 6 years (none still open, 2 banks as partnership and 1 as sole) and nothing for any of the three has ever shown on my personal credit file on Noddle.

Hope this helps.

Just the sort of thing I wanted to know.
Not overly bothered but prefer to keep the two separate

Cheers

National_Debtline

Hi chappers


Unless you have a limited liability partnership you will have personal liability for the business debts. That means both the business bank account and business credit card can be reported on your personal credit file. Bear in mind that not all creditors report to all 3 of the credit reference agencies. That would explain why someone might think the debt has not been reported if they have only checked with one of the credit reference agencies. I hope that helps.


Susie
@natdebtline

chappers

National_Debtline wrote: »

Hi chappers


Unless you have a limited liability partnership you will have personal liability for the business debts. That means both the business bank account and business credit card can be reported on your personal credit file. Bear in mind that not all creditors report to all 3 of the credit reference agencies. That would explain why someone might think the debt has not been reported if they have only checked with one of the credit reference agencies. I hope that helps.


Susie
@natdebtline

Cheers for the reply Susie

That was my understanding of the situation, and many years ago I had a sole trader business account, but my recollection was that it wasn't reported.
To be honest it was mostly out of curiosity and just a preference to separate business from personal and I expect as the business develops we will probably set up a Ltd company as and when it becomes more tax efficient and the personal risk increases.
I'm not worried about financial connections as I already have a financial connection with my wife who is the other partner.

Car1980

My sole trader business account (with no overdraft) doesn’t show up on any of the three companies for me. I’m assuming because the address isn’t linked.

chappers

Car1980 wrote: »

My sole trader business account (with no overdraft) doesn’t show up on any of the three companies for me. I’m assuming because the address isn’t linked.

That's an interesting point.

Ta