Do you think opening a joint business account with a friend is a good idea?

Question

We are establishing a general partnership and have our own business name for our investment club. We are going to open a business account together.

Answer 1

Yes I think it's a wonderful idea. You should also get a joint mortgage, share pin numbers with each other and write each other into wills, life insurance policies and swap car keys. Good luck in your new venture. I am confident that it will be a financial match made in heaven.

You wore me down! ;-)

Answer 2

NO.  It would be better to open a Limited Liability Corp. (LLC)  and require both of your signatures on any activity in the account.  An LLC limits your liability to what you actually put into the business.  Check it out.

Answer 3

I would have to say No! The reason I say this is because You will be responsible for what your partner does or doesn't do the the account. You can Open a business account and they can have access to a limit amount of the funds in the account. This way you will have more control over the account!