Business or personal account? Comparison

An entrepreneur running a business is not required to have a company account – company payments can also be made from a private account. Despite this, many entrepreneurs decide to open a company account. Is it worth keeping a separate business and personal account, or is one account enough? Let’s compare.

Entrepreneurs who start running a business wonder if they have to open a new bank account. Having a company account is not always necessary when running a business. Some entrepreneurs have a dilemma as to how to proceed, whether to continue to make all payments from a personal account, or maybe it will be more appropriate to have a company account. In today’s publication, we will try to compare these two accounts.

What types of bank accounts do we have?

According to the Banking Law, the basic types of bank accounts are:

  1. Settlement accounts, including current and auxiliary accounts, and those kept for them to VAT accounts.
  2. Term deposit accounts.
  3. Savings accounts, savings and checking accounts, including family accounts, and term savings deposit accounts.
  4. Trust accounts.

What do the regulations say about it?

No tax regulations directly indicate the obligation for an entrepreneur who is a natural person to have a bank account. The Entrepreneurs’ Law Act indicates that making or receiving payments related to the business activity performed is indirect

  • a party to the transaction from which the payment results is another entrepreneur and
  • the one-off transaction value, regardless of the number of payments resulting therefrom, exceeds PLN 15,000 or its equivalent.

On the other hand, the Tax Ordinance provides that the payment of taxes by taxpayers running a business and obliged to keep a tax book of revenues and expenses takes the form of a transfer order.

So, in fact, the regulations do not imply a categorical obligation to have a company bank account.