Bank account for proprietorship firm
This query is : Resolved
Kamal Kumar
(Querist)
01 April 2016
Dear Experts,
Greeting of the New Financial Year
Please suggest if a Proprietorship require to open a separate bank account or it can us the proprietor's personal accounts for official transactions ?
if it needs to open separate bank account it will be current account ? procedure and requirements for opening a bank account for proprietorship firm..
Thanks In Advance
Kamal
Greeting of the New Financial Year
Please suggest if a Proprietorship require to open a separate bank account or it can us the proprietor's personal accounts for official transactions ?
if it needs to open separate bank account it will be current account ? procedure and requirements for opening a bank account for proprietorship firm..
Thanks In Advance
Kamal
Murtaza I Bhagat
(Expert)
01 April 2016
Yes, You have to open Current Account in the name of proprietorship firm for business transactions in any bank you want. You can not use personal i.e savings account for your business transactions.
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