LCI Learning
Master the Basics of Legal Drafting in All Courts. Register Now!

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

TARUN (sole prop)     27 September 2013

Use saving a/c for business until current a/c is ready?

Hello Experts,

I am starting a sole proprietorship firm for web development business targeting only European clients. My current a/c is not ready yet due to the documentation formalities.

Till the time I sort it out and get a current a/c in my own or firm's name, can I start receiving the payments in my saving bank a/c ?  This arrangement will be only for 1-2 months and later I will get a current a/c opened.

Please advice.

Thank you very much.

Best Regards,

Tarun



 2 Replies

Prasun Chandra Das (Banker)     28 September 2013

You can open a SB a/c & do business transactions, but it is not advisable. It is better if you open a current a/c in individual name, by informing the bank of the situation.

1 Like

TARUN (sole prop)     28 September 2013

Dear Sir,

Many thanks for resolving my query.

Best Regards,

Tarun


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register