Hi,
I am just in the process of setting up a Hybrid Trust with a corporate trustee, and was wondering if anyone can recommend a good business bank account?
As a matter of interest, is there anything stopping someone using an indivudal bank account for a business? Or are is there something special about business bank accounts?
Thanks in advance !
Robert
This I know!
Banks will not allow a personal account to process ‘business’ stuff they will basically miss out on too many fees.
There is a sneaky way around this though and that is toset the account up in the name of people rather than a businees name but your business name then really needs to be the name of people too!! Do you get what I mean?
Instead of Joe Blo and Assoc or Joe Inc just call it Joe Blo and then the banks can”t track it too easily.
The pitfall being with that is that you do not get a ‘business’ record so future dealings ie borrowings can be made more difficult as there is no history.
You need to thoroughly check the fees because some business accounts atrract a fe for EVERY PIECE OF PAPER you may deposit ie if you have 4 cheques, cash and a deposit slip you will be charged for processing 5 PICES of paper as they include the deposit slip in this fee.
It really is a matter of looking around as the banks change alot and when I was up to date (3years ago) the NAB had just taken over the CBA.Just get the brochures and compare.
If the good die young then I will live forever
Hi Rx2 73,
I have a corporate trust, (but not a hybrid one).
I am not an accountant, (so correct me if I’m wrong) but as far as bank accounts, I would think you should have your accounts in the same name as the property, so that you can claim the expenses, like interest & bank fees.
Your rent received should be in the name of the trust also.
As far as which bank account, your guess is as good as mine!!
Good luck,
Del
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