What is a business partnership or formal trust?
A business partnership is a structure made up of two or more people who carry on a business together and share income or losses between themselves. In Australia, partnerships are governed by law depending on your state or territory.
A formal trust is a formally documented legal arrangement where a trustee holds and deals with assets on behalf of, and for, the benefit of a beneficiary. The trustee(s) can be a company or individual(s). Unlike a company a trust is not a legal entity. A formal trust deed is required.
Step 1: Set up your business account
Do all partners or trustees have an account with People First Bank?
Yes – Great! If all partners or trustees are customers and have had their IDs verified in a branch, simply follow the next step.
No – Not a problem!
- Partner and Individual trustees: you need to be a customer for a minimum of 12 months to apply for a business account.
- Company as trustee: you will need to set up the company account first. If your company operates with multiple directors, ensure at least one director has been a personal account for a minimum of 12 months prior to opening the company account. One business account application form can be completed for both the company and the trust.
Step 2: Start your business account
Step 3: Finalise your business account
Once you’ve completed the application form and obtained your ABN, please bring them with you when you visit one of our branches to open your business account.
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