Bank info

[Mr D Black]

I am thinking of setting up as a sole trader, but operating under a business name. is it possible to pay cheques into my existing my out to my company name into my bank account, or do I have to open another account?

[sammy snake]

Cheques can only be paid into an account in exactly the same name. Therefore if your account is in the name of 'Mr D Black' then cheques would have to be payable to D Black, not your company name.

Even if you did this, if you paid a large number of cheques in on a regular basis, the Bank would probably pick up that you were operating a business through a personal account. They would then probably insist that you opened a business account.