Ltd Co - no bank account

Dottie
Dottie Registered Posts: 99 ? ? ?
Hi

My client incorporated her business, but did not change her sole trader business bank account. All the earnings have been paid into this account.

What is the best way to treat this?

Thank you!

Dottie

Comments

  • burg
    burg Moderator, FMAAT, AAT Licensed Accountant Posts: 1,441
    You cajust run this bank account as the directors loan account
    Regards,

    Burg
  • Monsoon
    Monsoon FMAAT, AAT Licensed Accountant Posts: 4,071 ? ? ?
    What Ian said.

    If this causes trouble with overdrawn DLA etc, you can declare a meeting minute to state that the sole trade bank account is held in trust for the company, thus turning it into a company asset.

    And get a Ltd bank account asap :)
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