Bank account for proprietorship firm

This query is : Resolved

Kamal Kumar (Querist)
Follow

01 April 2016 Dear Experts,

Greeting of the New Financial Year

Please suggest if a Proprietorship require to open a separate bank account or it can us the proprietor's personal accounts for official transactions ?
if it needs to open separate bank account it will be current account ? procedure and requirements for opening a bank account for proprietorship firm..

Thanks In Advance
Kamal

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
Follow

01 April 2016 Yes, You have to open Current Account in the name of proprietorship firm for business transactions in any bank you want. You can not use personal i.e savings account for your business transactions.

Message likes : 2 times