Can we operate two businesses from the same bank account?

[monkey_tennis]

We are a partnership.

We have had one business for three months with a business account but have only made £1000. We're looking to wind this one down and just keep one client on a monthly retainer of £1000.

We are about to star a new business, once again as a partnership. Can we operate this from the same account?

 

[Eagle]

I suppose, technically, you could - but why not just wind it down and start another?

 

[davidshaw89]

or change the company name (and nature of the business)?

Edit:
I'm not sure of the rules regarding name change for a partnership, but if it was a limited company you could do this.

 

[sheelagh]

If you are keeping both businesses going, use separate bank acccounts. It's much less complicated for your bookkeeper and accountant.
Your intention at the moment might be to only have one client, but if this changes in the future you will already have the systems in place to cope with the increase in transactions.
The alternatve would be to absorb your remaining client into the new partnership, if that is appropriate.

 

[mahutchinson]

You can't run a new entity on a bank account for the old entity, the bank will not change the name unless it is a change of name of the same entity. Why do you need to start a new partnership anyway ?