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Posted Fri, 01 Nov 2024 10:12:14 GMT by Claire Shrigley
Good morning, I am in an existing partnership currently and all partners wish to change our partnership to a limited entity. WE are currently undergoing the necessary paperwork to get the limited company running. We already have an existing business bank account for the partnership. Is it possible to continue to use this business bank account for our limited company when we change to a limited entity or do we need to open a new account? If we can continue to use the existing business bank account (currently being used by the partnership), do we need to change the name on the bank account so that it states it is limited i.e. partnership name Ltd? Or can it remain in the existing name i.e the partnership name?
Posted Wed, 06 Nov 2024 14:30:10 GMT by HMRC Admin 19 Response
Hi,
We cannot advise on this. You would need to speak with the bank account provider to check if you can do this.
Thank you.
Posted Wed, 06 Nov 2024 15:40:14 GMT by Claire Shrigley
Thank you.
What I actually mean in this post is, is it ok from HMRC's point of view for the company to continue using the existing bank account (if it is not opened in a company name that ends in Ltd? for example NEW COMPANY'LTD') if the bank account provider refuses to chnge the existing bank account name and it remains NEW COMPANY.
The partneship will no longer be running so not using the existing bank account so can they instead use it for the Ltd company? Perhaps withdrawing all funds at the cessation of the partnership and then beginning from 0 balance as the limited company but not changing the name of the company to LTD is that legal?
Or do the banks/account provider decide if this is possible?
Posted Thu, 07 Nov 2024 15:37:34 GMT by HMRC Admin 13 Response
Hi Claire Shrigley,
The issue lies between your company and your bank.
If the company's name is limited and HMRC issues a payable order, it would be issued in the name of the limited company. This could complicate cashing the order. 
For complete information on your responsibilities, please refer to:
Running a limited company: your responsibilities: Directors’ responsibilities
Thank you.
 

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