Is it best to open basic accounts or business accounts ?

[gstyle17007]

Is it best to open basic accounts or business accounts ?

I intend to have the ebay accounts opened as business accounts.

But maybe its best to set up a personal account and basic accounts and then if things go well then change them both to business?

any ideas?


thanks

[NoneOther]

Depends on your business set up really.

If you are a sole trader then basic accounts every time.

If you are a ltd company then you would be advised to use a business account.

[rsot]

How much are you planning to sell OP?

Changing an account to business doesnt really give enhanced protection from limitations and suspensions if that's what you are looking for.

[gstyle17007]

Originally Posted by rsot

How much are you planning to sell OP?

Changing an account to business doesnt really give enhanced protection from limitations and suspensions if that's what you are looking for.

LTD businesses.

I understand about not getting extra protection.


Look at it more from a ebay buyers view that a business is much more reliable and looks on a bigger scale than a private seller.

also from a tax perspective its better.

thanks

[Leng]

Basic accounts have unlimited balance which is fine.

There's loads of decent ones and 10 accounts at each bank is safe over a 24 month period.

[rsot]

If you have a registered business and dealing with tax cuts, incentives, etc....could go for business account