rbur07 started this topic @ 17:55 on 05/03/2007
Hi all,
I'm setting up an ebay business in the very near future (limited company not sole trader), and I currently have two outstanding defaults, is it likely I'd be able to open a business current account or would it have to be a basic account instead? Also, when it comes to the credit check on business accounts do they only take into consideration the director's credit rating or can it be based on the company secretary's as well. Any advice on working around this wall would be most appreciated.
RE: Business banking with bad credit
James Smith | 06/03/2007 09:31 AM
I would have thought both participants will be checked, but its mainly the owner and directors who are the issue.
NatWest have an adverse credit account which might be useful although as ever clearing any CCJs ASAP is obviously the best thing to do.
NB Aere you 100% sure you need a limited company for e-bay trading? Seems like overkill unless you have a huge amount of volume. Most ebay business I have seen tend to trade on the fact they arnt VAT registered which means they dotn get very big.....
Regards,
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT