Hello,
I have been using a personal bank account for my Limited. It has been only used for the company and I never took any director’s loan or any money out of the account. I treat is 100% as a business account. So - receiving payments and paying business expenses.
I am using a personal account for business only because I want to go with some really modern banks where you can open account online and don’t have monthly costs running the account. So far there was no business account that enabled that but now I found Fire.com and Revolut and will transition there in a month or two, depends on when they officially open for businesses.
My question is - I heard that if I use a private account for my business I officially need to have a contract between me and my company that says I am using my private account as my company’s account. Does anyone have a template for that kind of contract or can give me some information what information would I need to put in that kind of contract.
I would like to have everything nice and ordered and this contract is still missing so hope someone can help me with some tips how to make this nice and proper. I have to send this contract to my bank then too, so it has to be official.
Thank you.
Do you think I could use this contract as a template?
Acknowledgement of Trust: For Opening, Operating and Closing Firm’s Bank Accounts
**Date:** `1.1.2017`
**To,**
`The Managing Director`
`Vision Baker LTD.`
`Nina Breznik`
In a meeting of the trustees of M/s ________________ (“The Trust”) a ________________
trust, having its principal office at ________________________ acting through Mr./Mrs./M/s _______________ as
Trustees of the Trust, the trustees informed that a banking account be opened with `Vision Baker Ltd` at its ____________ branch located at
_________________________________________.
1. That a current account in the name of ______________________ be opened with Yes
Bank Limited at its _________ Branch located at
___________________________________________________________________________
___________________________________.
2. That the following trustees/officers be and are hereby singly/ jointly authorized to
open, operate and close the above current account:
|S. No. | Applicant Name | Designation |
|---|---|---|
| 1. | ... | ... |
| 2. | ... | ... |
| 3. | ... | ... |
| 4. | ... | ... |
| 5. | ... | ... |
|---|---|---|
3. That above mentioned applicant be and is hereby authorized, on behalf of the Trust,
to sign, execute and deliver in the manner herein contained, cheques or orders which
may be drawn or bills accepted or notes made or receipts for monies owing by the
Bank to the Trust duly signed on behalf of the said Trust in respect of the operations
of the account and for all cheques, or other orders, which may be drawn or bills
accepted or notes or negotiable instruments passed on the Trust’s behalf of receipts
for money owing by you to the Trust and to debit such cheques, orders, bills, notes
or negotiable instruments to the Trust’s account with you whether such accounts or
accounts be for the time being in credit or overdrawn or may become overdrawn of
such debit without prejudice to the Bank’s right to refuse to allow any overdraft or
any increase of overdraft and We shall be responsible for the repayment of any such
overdraft and interest.
4. That Mr. ______________, Mr. ___________________ or Mr. ____________________ be
and is hereby authorized, on behalf of the Trust, to singly execute, sign and affirm all
agreements, letters, documents, applications, declarations, releases, indemnities,
affidavits, waivers, undertakings, etc., on such terms and conditions, including
charges, as may be prescribed/ required by the Bank from time to time for carrying
out banking operations.
5. That the Trust hereby, places the “Terms and Conditions and Rules for the
Operation of Bank Accounts”, as prescribed by the Bank for operation of Bank
Accounts, as currently applicable, on record, and confirms its acceptance of the same
and that any of the trustees be and is hereby authorized to singly, sign or execute the
application for opening of account and the Terms and Conditions and Rules for the
Operation of Bank Accounts.
For __________________
(Trustee/ Trustees to sign)
1. ...
2. ...
3. ...
4. ...
5. ...**strong text**
Hi @ninabreznik
This isn’t something I can really comment on as we only offer support for QuickFile itself (although another user may be able to help).
You may find this will receive a better response on somewhere like AccountingWeb or UK Business Forums
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