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Opening up a business account.

options in the UK?

   
4:51 pm on May 16, 2008 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member



Is it possible to open up a business account for a sole trader (self employed) but rather than have my own name have a business name.

example

Im a car cleaner but I dont want my cheques made payable to fred bloogs I want them made out to adams cleaning services.

Based in the UK.

Thanks

5:59 pm on May 16, 2008 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member



I'm not sure about in the UK - but I'm sure there are similar equivalents to the US.

In the US - you can do
1. a DBA (doing business as) - cheapest, easiest, but least liability protection
2. LLC sole proprietor - more commonly used w/ more liability protection
3. Corporations - different rules, toughest to setup and maintain, but added tax and liability benefits

6:35 pm on May 16, 2008 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member



Sureyou can trade as anything you want. On your cheques it will say YourName T/A Company Name. On your invoices you still have to put your name and the word "Proprietor".

After 1 year you will get hit with bank fees for even thinking about your own money and will proably want to quickly revert back to a current account :)

In the UK this status is a sole trader, trading as xyz.

8:31 am on Jul 15, 2008 (gmt 0)

WebmasterWorld Senior Member 10+ Year Member



Coming in late (very) but the answer is yes.

When you open your business account give them a trading name (they usually ask for some letter headed paper with the trading name on it as proof). If you haven't chosen your bank yet I'd recommend Abbey which offers free business banking for life.

8:47 am on Jul 15, 2008 (gmt 0)

WebmasterWorld Senior Member vincevincevince is a WebmasterWorld Top Contributor of All Time 10+ Year Member



le_gber entirely right - you need a little bit of evidence you are actually trading in that name in addition to your standard proof of address and identity documents as used to open a banking account. Abbey are a great choice for a small business.
8:40 am on Jul 22, 2008 (gmt 0)

WebmasterWorld Senior Member piatkow is a WebmasterWorld Top Contributor of All Time 5+ Year Member



Your accountant should be able to advise you on the formalities. I believe that these have been simplified since my youthful days as a bank clerk in the 70s.