Banking

Once we come back from holiday, I’ve decided it’s going to be time to look at opening a new bank account (again) for my own business. Up ’til now it’s been (in general) small enough that I can get away with being paid through my own current account, but with the general progress in how things are coming along, I think it’s coming towards that time when actually yes, I need to have a business bank account.

However, I’m absolutely not going to start off with a ‘proper’ business account – by which I mean one for a limited company, with all the bullshit and hassle that involves- directors, double signatures, company secretary, blah blah blah.

Instead, I’m going to aim to set up purely as a sole trader for the moment, and only grow/move on as and when I need to. That seems to be the best plan, anyway.

Going the ‘sole trader’ route does carry slightly more risk, in that in theory I could run up debts and my own posessions could be taken to repay those debts. But I don’t plan to be borrowing any money or anything – and so the possibility of debts being run up is hugely reduced.

But anyway, that’s the way my head is currently working, and the direction I currently plan to go in. We’ll see how I feel after the holiday, but I suspect that it will only strengthen my plans and resolve.