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Partnership using sole bank accounts

Partnership using sole bank accounts

client started as a sole trader using own bank accounts & then husband joined her in business as a partnership. Partnership accounts & tax returns prepared but business still uses the old sole trader bank account in her name. Interest received has been included on her return. Is there any problem with this?
Colin Store


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By pawncob
14th Oct 2008 12:39

Joined at the hip
Ideally they should have a joint account (in P/ship name), but is isn't essential. Presumably they are both signatories on the account as it is.

Interest is strictly split between them, but a partnership can vary this at will, so no problems.

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