New Registered Company, Bank Query

adamapple

I've recently registered a new company for my sole trader business. I've already been using a business bank account in my own name for this, but moving forward can I continue using the existing busness account or should I open a new account in the name of the registered business?

Grumpy_chap

adamapple said:

I've recently registered a new company for my sole trader business. I've already been using a business bank account in my own name for this, but moving forward can I continue using the existing busness account or should I open a new account in the name of the registered business?

The Ltd Co requires a proper business account in the company name.

tacpot12

The only alternative is to ask your existing Bank if they can change the name of your existing account. They will also have change their internal records of the type of business. I can't see any advantage to this, so I would take Grumpy_chap's recommendation and open a new account in the name of the business, and close the sole trader account when/if you are ready to do so (or if you bank requires it because there is no activity on the account).

Also, make sure you keep your account records seperate for the sole trader and Ltd. company. 

adamapple

Thanks, I'll go with opening a new account. TBH my sole trader account has been with Tide which I'm not all that happy with anyway, so don't mind moving, just the hassle.