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.
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