3 reasons for sole traders to keep a separate business bank account

One question we are often asked by clients who are setting up a new business as a sole trader is “Do I need to setup a new bank account for the business?”    Legally, the answer is “No” as there is no legal difference between you as an individual and you as the business if you are a sole trader.

 

However, there are some very good reasons why it is better to keep your business banking separate from your private banking.

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