Q: Can I legally use a personal type (non-business) bank account to pay my business bills and make deposits into?
Is there any legal requirements that would prohibit me from using a simple checking account (non business type) for my family farm? I would not use this account for any personal debt or check writing. Simply to track incoming money and pay farm bills.
A:
There is no legal requirement per se. Do you have a legal business entity like an LLC? If you do have an LLC then and you have concerns that perhaps one day you could be involved in a law suit, then I would want to keep my personal and business funds separate.
However, if you're just running a mom-n-pop business, then you can do whatever you want. There's no law saying you need a certain type of bank account.
A:
Sure. There is no legal requirement to have a "business account" from which to pay business expenses.
The most important thing is to keep an accurate accounting of all business related expenses so you can recall them when filing your tax return(s).
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