Home Forums Money matters 2 Business Names 1 ABN – 1 or 2 bank accounts

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  • #991507
    Greenmonster
    Member
    • Total posts: 1

    Hi
    I have a small business (sole trader) which is on hold at the moment due to long maternity leave and I have created another business name to sell my own handmade goods (a hobby to keep me sane from a 3yo and infant twins, whilst maybe getting a little income). Am I able to use the same business banking account as the first business? Is it just a matter of going in to the bank and change/adding new business name, or do I need to open another bank account? My accountant isn’t the most reliable of persons (yes, getting new accountant after this financial year) so someone else’s opinion would be appreciated.

    #1181839
    Jason Ramage
    Participant
    • Total posts: 3,162

    Hi {insert name here}

    Welcome to the forums, maybe jump into the intro yourself and let us know a bit more about you? We, well most of us, tend to be quite friendly around here.. :)

    May i ask, is it merely a ‘registered business name’ meaning it is {insertnamehere} t/as greenmonster? If so and the new venture is the same the true legal entity is YOURSELF and the business is just a name as such.. Therefore, long and short, the bank has YOU as the owner and accountable party of which i am pretty sure you can add additional t/as names to your accounts.. It does depend on the bank sometimes or the person you are speaking with.

    Hope this helps..

    Cheers
    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: hello@lucasarthur.net.au   P: 61 3 8324 0344    M: 61 412 244 888
    #1181840
    Anonymous
    Guest
    • Total posts: 11,464

    Hi Greenmonster,

    Sounds like you’ve got your hands full there!

    I’m not the right person to answer your questions, but am sure that one of our resident accounting experts will be able to give you some advice.

    In the meantime, welcome to Flying Solo, and as HarryLuke mentioned, please feel free to share your name with us – we’re all very friendly here and are looking forward to getting to know you.

    Thanks for joining us :)
    Jayne

    #1181841
    Jason@Plumsale
    Member
    • Total posts: 155

    As a Sole Trader you are running 1 business, no matter how many names you have. You may be selling cakes under one name and providing house cleaning services under another it does not matter you are still running 1 business.

    As for the bank account, you can run it all under 1 account or 1 per each business name. But you will have un-necessary fees. You will be better off using a bookkeeping/accounting system that allows you to categorise your sales/expenses for each income stream.

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