LTD Company, legal requirement for Bank accounts

[Ronocco]

Greetings

My experience with limited business accounts leaves me very unenthusiastic.

Is a company obliged to bank through a company account in the company name?

I would like to set up a new company without the Ltd bank account hassle.

If I am a 100% shareholder in the company and the second director has no power over any bank account connected with the business, the private account being in in my name to serve the company. Is there anything to prevent me doing this?

What legislation actually defines the requirements.

Thank you for any comments.

 

[Brendan Burgess]

A company has limited liability. That means if it goes bust, the liability of the shareholders is limited to the share capital of the company.

So it's very important that anyone with whom the company is dealing, knows that they are dealing with a limited company.

So the full name of the company , including the fact that it is limited, must be on all documents.

If you print headed paper in the name Renocco rather than Renocco Limited, not only would it be an offence under the Companies Acts, you would probably lose the protection of limited liability if anything went wrong.