Finance Solution Needed - Please Advise

[01hanstu]

Hi,

Myself and my cousin have decided to start a hosting business. We both know the montly bills that need to be paid out, so I was thinking that we could setup a normal debt account to which we can both, from our own accounts, setup a payment method to the sum of all the bills so that the 'shared' account will contain the money to pay the bills.

 

Only thing is I don't really want to setup an account that we can both have access to, as one could spend money without the other etc.

 

If you have a solution, or some input please help, all is appreciated.

 

Cheers,

Stu

[FN-GM]

If you cant trust him not to spend the business money why would you want to get into a business with him?

 

Also you shouldnt be using a personal bank account you will need a business account.

[elsiegee40]

I'm not an expert on the business side, but you need a joint account that requires two signatures to withdraw cash. This is perfectly normal with business accounts. You can even set a limit with the bank so that payments below (say) £100 can be done by one person, but above that amount two signatures are required. This means that small bills can be settled easily.

 

A bit of Google will reveal the best deal, I think