If I have a Sole-Proprietorship, can I use both, a personal and business bank account to operate my business?
- EvaLv 71 month ago
Not a good idea. The IRS doesn't like it when you use a personal account for business. If you need money in your business account transfer it from your personal account and then write the checks from the business account.
- Anonymous1 month ago
Yes. No big deal. But if you have a business account, why mix the funds?
- Pepper, PhDLv 61 month ago
It's not a violation of federal law or tax rules to intermingle your money but it's not recommended. You should have a separate account for business. It makes it a lot easier for bookkeeping, not to mention a tax audit.
It's easy enough to move money from one account to another if necessary.
- Wayne ZLv 71 month ago
As long as you are organized.
However, if you go through the trouble of having a business bank account, why wouldn't you use it for all business purposes?
My business account and my personal account are at the same bank so I can easily transfer money between the two as needed.