UK - Can a director of a business have the companys income paid into his personal account?
I have a limited company but due to being made bankrupt recently I have removed myself as director. My partner is now the only director and we are about to start trading. We never have yet! However he has poor credit status and cannot open a business account, he has tried but fails the credit checks. We require a bank account for invoices to be paid. Can it be a personal account or does it have to be a business account?
Other - Business & Finance - 2 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
You must set up a business account if you're starting up as a limited company, partnership or any other key business structure. Sole traders can use their own personal accounts (or via a new business account - John Smith trading as XYZ).
Answer 2 :
i think its okay as long as all the money is well accounted for .
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