If doing individual management consultancy work, does one have to open a current account.?

Question

Or, can one operate from his existing savings account or open a separate savings account from which business expenses can be made.

Answer 1

Law don't force you to open a current account for an individual Management Consultancy.

However, practical problems arise in due course of business. For example, if you run your consultancy in your individual name only and you get cheques from your clients in your individual name only, you can deposit and receive their credit in your personal savings account. If you run the consultancy in a separate business name or add the words like (personal name) Consultants, (personal name) & Co., (personal name) & Associates or something like that and you get cheques/remittances in such business name, no bank will allow you to deposit them in your personal savings account and no savings account would be allowed to be opened in a business name. Only current accounts are allowed to be opened in business names (& personal names as well).

Further, if you are issuing cheques excessively for business expenses from a savings account, a bank would be entitled to stop such operations after warning you, in its sole discretion.

Again, mention of savings accounts in business reference purposes, whenever/wherever required, is not well taken in business circles.

Current accounts do entail some periodical charges by a bank, yet they are advisable for business purposes.

Answer 2

I run my management consultancy division as a propertitary concern with my savings account in my name. you can then segregate those income/expenses from the personal account and that which is professional. YOu can open a current account if you so desire. get yourself a service tax registration it will take less than a week to get it.

Answer 3

If you have a business Name(=noun) for rendering Mgt Consultancy as a Propreitorship entity & if you prefer to take payments from your Clients in that name than a CA (=Current A/c) would help.Unless you income from the Consultancy exceeds the threshold (=4Lacs/
p.a) you would not require a Service Tax Registration#.It is generally good practise to manage different Accounts & insulate yourself personally during IT returns filing/ accounting.

Answer 4

you have carried out all you could to end them without giving in to them and quitting. by using having all your information inner maximum, they won't get right of entry to previous questions and solutions and placed up distinctive lawsuits from many of their money owed. i ask your self why solutions.Yahoo has no longer stopped those sparkling breaches of the policies in this website yet as has been mentioned by using an in the previous poster, God will look after his very own and the JW's that proceed to annoy us Christians that disclose their lies and omit-information will merely ought to submit with it till the Lord tells them head to head, "i did no longer be attentive to you". in case you get this account suspended, even solutions.yahoo have mentioned you could open a sparkling account, merely that your previous one is locked continuously. some factors and stages are not any the place close to as significant as sharing God's residing observe, do no longer permit some Antichrists end you or maybe deter you in any way.

Answer 5

one bank account.

Answer 6

No