IS it necessary to open current account on the name of sole proprietorship? business is software consulting type and clients are based in india and abroad also.Money will be received from both.
3 Replies
kumar Rahul
(account Student)
(160 Points)
Replied 15 August 2016
CAN IT BE JUST SAVING ACCOUNT INITIALLY? CAN CURRENT ACCOUNT BE OPENED ON INDIVIDUAL NAME AS A PROPRIETOR?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177514 Points)
Replied 15 August 2016
Main difference between both is, current account is generally opened in firm name, and savings acc is opened in individual name. Though banks sometimes open otherway, but exeptionally. Now if you wish to start with firm name with sound footing, better go with current acc., so that you may not have to revert it with your customers in future.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177514 Points)
Replied 15 August 2016
For your second query, 1. Yes. 2. Yes it can be.
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