Dear All,

Would like to inquire about Sole Proprietor in Malaysia. Can the owner use his own personal account to receive payment for goods/service rendered or need to create another bank account under the Sole Proprietor's company name to receive payment?

Thank you

go open a company account better. people may afraid to bank into a personal account scare u are con man.

recommend u to open own company acc ( more trusted )

personal acc, lel senang mau tipu

in addition to all the good answers above, you want to use company name bank account for loan application purpose. The banks will want to see bank transaction of your enterprise as proof of income. Personal income is not acceptable

Can
Since sole proprietorship involve ur personal assets, so can

But not look professional la

can use personal. but it's better to have a company current account. looks more professional.

Thanks guys for all reply. Noted on the professional level.

Background of my query is to due my current job situation whereby there are individual vendors that been working with my company for a numbers of years and company been paying them to their personal account.

Just want to clarify whether they are able to continue to use their personal account or otherwise.

Thanks all.

This post has been edited by sykz: May 20 2017, 04:58 AM

Do not mix up business and personal. this is your business you talking about. if i ask you bank into my personal account for something im going to sell you, let say 50k, will you do it? no i assumed. so... separate it

hi there..as far as I read above..everyone encourage to have company bank account so that can separate, not a must or illegal to use personal bank.

but may I know is there any act stating that sole proprietor must use ssm registered name's bank account?

or any act or law stating that so long as sole proprietor, then the personal bank of owner and business bank take into account.
because I use my name bank to bank in money to sole proprietor.
in that case, will be get protected if anything like he cheat me dont want give me stock?

I banked in, he said ok no problem.

just worry when problem occur, I cant report him because its can assume that is my personal money. not business deal.

This post has been edited by bunny2018: Feb 7 2021, 02:03 PM

First of all ---Sole proprietor NAME you register as WHAT ?

It can be your own name or any other ABCD name

If register using your own name in SSM ( because it is cheapest ) -----of course the bank account will also need to use the same name ie your name . ( This is what I actually do for my business ---everything goes into my personal account )
If you register under a different name ( other than your name in SSM ) of course your bank account will have to be different lah ---like ABCD or something else

Sole prop not necessary individual account.

Just sharing info with some relevance,

1) I'm very sure that even a Sole-Proprietor cannot use a savings account for their day to day business operations, but they can use a Current Account (will show own name instead of Company name), a bank teller once told me sternly that I shouldn't use my savings account for business use and will be flagged.

2) Even if dealing with a Sole-Proprietor, you should always insist on a record of the transaction, such as but not limited to, Invoices/Sales Orders/Written Agreements/ etc.... by requesting this, one can be protected. If there's a record of the transaction and the goods/services are not delivered then one can report the other party that has violated the agreement to example: (KPDNHEP)

This post has been edited by moonsatelite: Feb 7 2021, 04:34 PM