Life Purpose business - Course 1 Step 3


Get a bank account


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Watch the video to discover how to open a bank account

If you had you an accountant register your company for you, you will have to wait for your CK docs, which comes as soon as your company is registered. You then take that and your company proof of residence to the bank and open an account. If you are running it from home to begin with you will just need a personal proof of residence and a letter with your company letterhead (you will get a logo in step 2) saying that the company is operating from your home as well as your partnership contact to open an account in the bank.


Even if you are not registering a proper company, it is still advisable to open a business account so that the money is kept separate from your personal money. You can however run it on your personal account to begin with if you are planning to start small or want to see how it goes first.


If you have a partner it is vital to have a contract in place. This must be done by a lawyer and is quite a pricey part of the process (Cost varies between R5000 and R10 000). You can go ahead and start without a contract (it is not a legal requirement) but unless you are married to your partner it can turn out very ugly, even if you are family or best friends, if there is no contract defining specific roles, who invests what, how the money is managed, who owns how many shares, etc. In my opinion, avoid partnership unless you are married and starting something with your spouse. It is just much less messy.

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