Partnership required a bank account?

[JG EA]

Do you think a partnership must have a separate checking account. Can it operate with cash only from and to the partners? (In this case within same family.)

[ChEAr$]

there is no law

Do you think a partnership must have a separate checking account. Can it operate with cash only from and to the partners? (In this case within same family.)

which mandates any business have a checking account.

However we all, I'm sure, recognize "best practices" require such separate accounting
for cash receipts.

[BOB W]

Corporations and LLC's should have a business checking account separate from personal funds in order to protect personal assets. Any entity that requires a balance sheet should have a separate checking account. Many sole proprietors miss deductions or understate income when there is a lack of business records.

I would never allow a business, regardless of activity, to operate without a business checking account.

As to partnerships, there are too many issues to not have a business checking account. Partner Basis for one.

[JG EA]

Thank you.

[dsi]

It's a separate entity with it's own FEIN......= should have it's own bank account.