The Wholesale Forums

[hardwareheroes]

Originally Posted by Gray123

Thanks for all your help. One last thing (i think,) Do i need to set up a business account with a bank?

It isn't a legal requirement but the HMRC take a dim view if you dont have a business account

[ADC]

Business bank account is free with Abbey

[uhafmail]

Dont you have to fill out loads of forms though?

[hardwareheroes]

Originally Posted by uhafmail

Dont you have to fill out loads of forms though?

I would think one or two anyway - dont just give them to any old terroristy/money launderer you know

[uhafmail]

I think i looked at it once and there was 2 forms to fill out - one of which was 8 pages long... Havent got the patience for that, a personal account willdo fine.

[ADC]

A personal account is fine. But a business bank account in a company name looks a lot more professional. When someone asks me to transfer money to a bank account in a personal name, it makes me think they are a one man band. But if it's a company name it gives you the impression they are a larger organisation (even if they are not). So even if the form is quite big its worth doing, after all you only have to do it once.

[uhafmail]

True

[Andy777]

Sure, if you plan to deal with wire transfer, you should get a business account (for a sake of name).

But if you'll deal only with PayPal, no one ever will know what type of bank account you have.