Does my Ltd company need a bank account?

Question

Right, I set up a UK limited company a year ago, since then I've sold 75% of shares to partners. I was banking with a bank, but they pissed me off so I left. When I went to get another bank account with another bank I was told I couldn't because I've got a bad credit rating. Can anyone suggest how I get out of this mess, can I put funds paid to my company into another bank account or is that improper/illegal. Please help!!

Answer 1

If you are a Director or Secretary of the company and can show any bank:
1. A certificate of incorporation for the company.
2. Cheques made payable to the company.

they will open an account in the company's name. (Assuming you are not an undischarged bankrupt, which would make your appointment as an officer illegal.)
Your credit record is irrelevant.

If you pay cheques made payable to the company into your own account, it is likely that the bank will return them and tell you to bank them in the company account.

Answer 2

Legally actually it doesn't but you will find it ***** hard to operate if you don't have an account - I have been exactly the same position for a period. Your partners ought to be able to open an account for the co since they now control it but if that is impossible and there are worthwhile monies to collect - then get them paid to your solicitors' clients account. He will charge you the (standard!) arm and a leg and probably nick the interest but he CAN do it (no matter that he may say he can't - its a bit of a pain for him too) and unless there is some hugely compelling reason to keeping the company then when you have got the money in/paid its debts etc let it go into hibernation - if you need to use a limited company for trading buy one this time that comes with bank account already set up

Answer 3

A Ltd employer is a criminal "individual". it truly is an entity in its very own surprising and would very own sources, make contracts and so on. Any employer dealing jointly with your employer will anticipate to be paid via the employer itself, and that they're going to anticipate to make money (whilst due) to the employer itself. the rest might look somewhat dodgy and can in all probability positioned those human beings off. yet there are different criminal issues. while you're in easy terms a director (ie you at the instant are not receiving a earnings so at the instant are not an worker) then you definately don't have a equipment or a criminal framework for paying expenditures. something you pay on behalf of the employer might in all probability be seen as a private loan (to the employer) from a director. This must be precise recorded and accepted via the employer. of direction, while you're an worker then the employer is paying you wages, and could be deducting tax and NI so it is going to desire a financial company account for that. it truly is obvious from the query which you relatively desire some severe expert advice from an accountant or a solicitor approximately a thank you to run your employer. My guess ist that a Ltd employer is surely irrelevant at this point and which you would be greater efficient off working as a sole dealer in the meanwhile. this aspects lots greater flexibility and frees you up from having to be troubled approximately all the forms that is going with a Ltd employer. If issues pass nicely you may continuously comprise the employer later.

Answer 4

it is illegal to put funds paid to your company into any other account.

Try looking at a PayPal account - this might help you - otherwise it is humble pie and trying all the banks. Your personal credit rating should not reflect on your business banking account.

Answer 5

Company law is complex so you should seek professional help.

Answer 6

More than likely