Using Partner's account to receive money?

Hello,
I'm starting a new business, still waiting for HMRC to confirm self employed, and to open a business account / stripe account setup.

While I'm waiting for all the paperwork to come through, I may have a client who wants to pay immediately.

Would I be able to use my partner's (life, not business) personal account or paypal to receive money in the mean time?

If so, how would I document this accordingly?
Thank you!!

Comments

  • Aquamania
    Aquamania Posts: 2,112 Forumite
    edited 20 September 2018 at 11:55AM
    Mrnull wrote: »
    Hello,
    I'm starting a new business, still waiting for HMRC to confirm self employed, and to open a business account / stripe account setup.

    While I'm waiting for all the paperwork to come through, I may have a client who wants to pay immediately.

    Would I be able to use my partner's (life, not business) personal account or paypal to receive money in the mean time?

    If so, how would I document this accordingly?
    Thank you!!

    So you don't have a bank account, even a personal one, at present?

    Most personal bank accounts prohibit the use for buiness purposes.
    I don't think your partner will be too pleased is she loses hers too due to your antics.

    Also, the client may be rather interested as to why they are say writing a cheque to Mrs Null, when Mr Null appears to be the one that supplied the goods and/or service. Would certainly ring alarm bells for me.
    At least your partner should go into this with her eyes wide open, knowing the risks to her own personal bank account, and indeed the possibility of being investigated for money laundering.

    I suggest you learn to walk before you run.
    Or get the client to pay you cash.

    How do you pay for your internet access???
  • I understand your concerns, makes sense.
    It's entirely legit, but it came quickly with a client.
    We just moved, both work in the same home office, and each have separate self-employed businesses.

    The client is desperate to pay, which is why I'm trying to find an alternative, but legal route to receive money.
  • tacpot12
    tacpot12 Posts: 7,894
    First Anniversary Name Dropper First Post
    Forumite
    Cash or a Cheque that you bank when you have a bank account to pay it into.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Thank you!
    Would I be able to spend some of that cash in the meantime?
  • 00ec25
    00ec25 Posts: 9,123
    Combo Breaker First Post
    Forumite
    unless OP is some sort of stone age caveman I really do not understand why he/she is unable use their own personal bank account for the initial transactions.

    That is very often the norm I see in my day job countless times until the business account comes on stream. Yes it is technically against the bank's T&C but I have never seen anyone being caught by that as long as they do not try it on indefinitely.
  • That's exactly what happened, personal account no longer wants me to use it for business.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards