Business account: what it is and why you need one

Business account: what it is and why you need one

Conducting business activities involves making settlements with counterparties: paying for services of suppliers and intermediaries, receiving money from clients, etc. You cannot do this through a regular current account that we use for personal purposes. Specifically for organizations and individual entrepreneurs, banks provide for opening a settlement account (R/S). It is a 20-digit numerical accounting record for tracking the client's financial transactions.

Settlement accounts are mainly used for:

1. Receiving payments from buyers and clients.
2. Paying for services of suppliers and intermediaries.
3. Paying for bank maintenance.
4. Storing the organization's funds.
5. Making payments on credit obligations.
6. Transferring wages to employees.
7. Conducting other cashless operations.

Based on Central Bank of the Russian Federation Ordinance No. 3073-U "On the Implementation of Cash Settlements" dated October 7, 2013, an organization has the right to make cashless payments without opening a settlement account for a total amount not exceeding 100,000 RUB.

Usually, settlement accounts are used only for commercial activities. Much less frequently, responsible persons may use them to store personal money. This is due to difficulties in paying contributions to the Tax Service.

How to open a settlement account

The procedure for opening a settlement account for individual entrepreneurs and organizations will differ slightly. The main differences lie in the package of required documents. Therefore, let's consider each situation.

How for an individual entrepreneur to open one

Opening a settlement account for an individual entrepreneur requires a smaller package of documents than would be the case for an LLC. It is best to check their list with the bank where you plan to connect to cash and settlement services (RKO), as it may vary somewhat depending on the organization.

Applicants are most often required to provide the following documents:

1. A card with specimen signatures and seals of responsible persons. You can notarize it or have a bank employee certify it.
2. Certificate of state registration of an individual as an individual entrepreneur.
3. Tax returns.
4. Licenses and powers of attorney, if any.
5. Applicant's passport.

Opening for an LLC

Banks require an expanded package of documents from organizations. It usually includes:

1. Founding documentation, decree on the appointment of authorized persons.
2. Certificate of state registration of a legal entity.
3. Passport of the head of the organization, a document confirming their authority.
4. A card with specimen signatures and seals of responsible persons. You can notarize it or have a bank employee certify it.
5. Licenses and powers of attorney, if available.

As in the previous case, it is best to check the exact list of documents with the financial institution you plan to contact.

Algorithm for setting up business account services

You can open a business account in a bank either the standard way—at an office, or remotely via online banking. Doing it in person is the easiest way. To do this, you need to choose an organization, prepare all documents, visit a branch with them, and then visit the office again in 2-3 days to sign the agreement.

Remotely, this is done as follows:

1. First, the client needs to select a bank, submit an application for business account services by filling out the form, and provide contact information and LLC details.
2. Contact a bank employee. Usually, they contact the applicant themselves at the specified phone number. The specialist will tell the client about current tariffs and clarify important details.
3. After that, you will need to prepare the documents and deliver them to the bank yourself or via a company courier.
4. If the application is approved, sign the agreement.

Note.

Legal troubles of the organization's managers or their close relatives may result in a refusal to open a business account.

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Personal account: what it is

A personal account is also a client account consisting of 20 digits. But unlike a business account, it is opened mainly for ordinary citizens, i.e., individuals. A personal account is also called a current account.

Opening one solves the following client problems:

1. Make transfers intended for other individuals or organizations.
2. Receive wages.
3. Store money while earning interest on the balance.
4. Pay off debts on loans, utilities, etc.

Personal accounts are not intended for commercial transactions. If the bank suspects business activities, it may decline the transaction and block the account.

In what other areas are personal accounts used

And although we most often encounter personal accounts in the banking sector, they have other applications. In addition, they are used for payments and accounting in the tax service, insurance companies, government agencies, pension funds, etc.

What accounts have in common and how they differ

Let's start with the similarities. Both business and personal accounts are intended for recording the financial transactions of bank clients. In addition, both consist of a 20-digit code.

Conclusion

Despite similarities in names and usage, personal and business accounts are not the same thing. The former is more often used by individuals for non-cash transfers, payments, and storing money. The latter is a necessary tool for maintaining business activities.