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No. Because Account types and Customer Type are different and you need to update your KYC(Know your customer)
Yes it can possible sole propritorship (Individual) company to use personal account into a business account.
I think pesonal and business than converting a personal account into a business one.
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.
As far as I know, most of the banks don’t allow to convert a personal bank account into a business bank account and require to set up an account for a business. Personally, I think that it is better to have two accounts - personal and business than converting a personal account into a business one.
You will still have your personal expenses and incomes, and it is better not to mix everything together in order to avoid some problems with accounting and tax matters in future. You should also get a separate business expense card or a business credit card so you will use it only for your company needs
I know from my own experience that some people may think in a way “my company - my money”, but it is not like this. You should keep in mind that company finances is a big responsibility, especially when it comes to reporting to your investors if you have them or tax accounting. That’s why you shouldn’t mix your personal and business finances at all. You can always arrange to pay yourself a salary, and I truly believe that you should do it, so you will have your personal income and can use these money for your personal needs.
NO the type of Account can never be changed
Yes, attached business doc.
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