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Where's Jane gone now?
and other random musings
New business, and Finance 
1st-Aug-2015 05:11 pm
haiku impossible
I'm working on it, but....
The new business, Porcine Aviation Crafts, needs its own bank account, Paypal account, and Ebay account.
So I go to the Barclays page, and get promised that since I'm an existing customer, setting up a new account will be trivially easy. Would I like a personal account, or a business  account?
Well, "business" is the obvious answer, but....
As a special favour for a new startup, all sorts of charges will be free for the first year. Wheee! So I read through what those charges are, thinking "I have to pay for this?" If I just open a normal current account, all those things are free, period, no question. So, other than the free financial advice (which I have coming out of my ears already), why would I want to choose an account type that has the word "business" attached to it, and apparently nothing else in its favour? I'm sure I'm missing something important here.

This entry was cross-posted from my Dreamwidth account. Comment here or there (using OpenID) as you prefer. "There" currently has comment count unavailable comments.
1st-Aug-2015 05:01 pm (UTC)
I don't think you're missing anything at all. It's useful, but not essential, to have a separate business account from your usual personal one (easier to show what expenses are business), but calling it a business account has no benefits that I know of for a business like yours.
3rd-Aug-2015 05:21 pm (UTC)
Having spoken to the Barclays help line, I now know the answer
1) I can have a business account in the company's name, not my name.
2) Using a personal account to run a business is against their terms and conditions.
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