Anonymous
Anonymous asked in Business & FinanceSmall Business · 1 month ago

If I have a Sole-Proprietorship, can I use both, a personal and business bank account to operate my business?

4 Answers

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  • Eva
    Lv 7
    1 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.

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  • Anonymous
    1 month ago

    Yes. No big deal. But if you have a business account, why mix the funds?

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  • 1 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.

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  • 1 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.

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