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Can you convert personal bank account to business bank account?

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Question added by Rahaf Masri , Account Sales Director , MT3 Digital
Date Posted: 2015/06/03
عبدالحميد عفلي
by عبدالحميد عفلي , متصرّف مسؤول المحاسبة العامة والنزاعات الجبائية , الشركة الجهوية للنقل بالقيروان

Only in the case of individual companies (individual)

 

but not in the case of a company, financial assets must be independent

tasmeena mirza
by tasmeena mirza , TGT SOCIAL SCIENCE , Little wonder English School

You can not convert.you may use the same if you are the sole proprietor.for creating company account your company should have to be register first as per the countries laws and the company act. secondly it is  advisable not to use your personal account for the company if you have the partnership or joint venture or joint stock company.because if any crisis you individually be responsible for that not the company in this case.

mohammad saqib
by mohammad saqib , Research Analyst , Capital IQ

there is no conversion process as such, both are two different product, you can close the personnel account and move to business account or vise versa. because both are having different characteristic , feature and usage..

mohamed Hakim CMA CPA Candidate
by mohamed Hakim CMA CPA Candidate , Accounting Manager , Andersen saudi arabia

I think I can not be done  when convert from Personal to Company  

but I I do not know if some banks can do this

bank account must have business name + EST OR COMPANY   etc

 

Sometime : when EST (small size business )  convert to company ( big size business )  banks make them create new accounts and close old ones

There is no conversion process per se, the two accounts are two different products. You can, however, open a business account and move money into it and close your personal bank account. This is what any bank will tell you.

حسين محمد ياسين
by حسين محمد ياسين , Finance Manager , مؤسسة عبد الماجد محمد العمر للمقاولات العامة

I think no >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

yes' a can convert personal bank account to business bank account because no problem.

Ali Al-Hinnawi
by Ali Al-Hinnawi , Group Finance Manager / (CFO) 6/10/2008 – Present , Gulf Petroleum Investment Co. KPSC (GPI)

 Most banks don’t allow to covert a personal bank account into a business account , it can be used only in the sole proprietor (Trader) establishment but it’s confusing because of mixing between the personal and business transactions.

The business account should carry the business name of the entity and the documents required to open a business account should include the company article of association and license copy and it’s not recommended to mix between the personal transactions with the business transactions in order to avoid tax, accounting and financial reporting matters.

Kamran Jamil Minhas
by Kamran Jamil Minhas , Data Managment Assistant , Mangla Dam Raising Project

we can convert the personal account into business bank account by providing proof of the business.

mohamed khalil
by mohamed khalil , محاسب , الانماء

you can't convert personal bank account to any other account

you must create a new bank account

 

 

Enjia  John
by Enjia John , school , faith school

>>>>>>>>>>>>>>>>>yes you can

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