Opening a business account as a partnership
It’s important to have a separate business account for newly formed partnerships and LLPs (limited liability partnerships) to make sure you benefit from all of the protections of forming a partnership in the first place.
By creating an LLP for a particular business venture, you limit each partner’s personal exposure to any business debts, but opening a traditional high street business banking account can be a long and complex process.
For newly formed partnerships, an Arro Business Account is an alternative that doesn’t ask any difficult questions or rely on any partner having a good credit score – in fact there is no background credit check at all.
Your account can be up and running in under three minutes, so as soon as your partnership is registered, you can start trading without having to wait potentially months for a high street bank to approve your paperwork.
How to open a business account as a partnership/LLP
Opening a business account as a partnership is fundamentally no different than opening any other Arro Business Account, and we only ask for the essential information we need to verify your identity and set up an account for you.
There’s one quick and easy online application form to give us all of the contact details we need, your UK trading address and the name of your company or partnership.
We can almost always open a business account in your partnership’s name immediately, without any more information required, and because there are no credit cards or overdrafts attached to Arro Business Accounts, there are no credit checks at all – the partners’ individual credit ratings will not affect your application.
Is the Arro Business Account suitable for partnerships and LLPs?
In short, yes it is. Arro Personal Accounts and Arro Business Accounts are often used as a secondary account by individuals and companies looking for a separate place to ringfence certain funds, and this works just as well for a partnership when you need to manage those finances separately.
Your account comes with a sort code and account number for payments to be made in, an online dashboard to manage Direct Debits and make Faster Payments out from the account, and a contactless Business MasterCard® for everyday transactions, if you need to be able to use the account in this way.
There is no credit card – your Business MasterCard® is a debit card – and no overdraft on the account, which is why no credit checks are needed. This also means there is routinely no debt on the account that partners could be exposed to.
A fully featured online account dashboard
The Arro Business Account online dashboard is a fully featured way to manage your partnership’s finances, check on payments coming in and make one-off or scheduled payments out via Faster Payments and Direct Debit.
You can use the Arro online dashboard to:
- View your balance, outgoing transactions and payments received.
- View details of your Business MasterCard® and use the card number online before the physical card has arrived in the post.
- Filter transactions by date and type, including card purchases and ATM withdrawals.
- Make single and regular payments with real-time account updates.
With virtual card details for online purchases when your physical card is not present, and access to the online account dashboard, the Arro Business Account is a partnership-friendly way for everyone involved to have access to the appropriate finances at all times, in a single, self-contained account.
Minimum requirements for an Arro LLP/partnership account
We don’t expect your partnership to have been trading for any length of time or to have a minimum turnover – and remember there are NO credit checks needed to open an Arro LLP account.
All we need are basic contact details, the registered name of your LLP or partnership if you have one, and a UK trading address.
In the vast majority of cases, this will allow us to open your Arro partnership account within as little as three minutes, you will receive your sort code, account number, virtual MasterCard® details and access to your online dashboard to manage your account.
What does it cost?
As always, we are upfront about any transaction fees, which you can see on our website. Applications are free, with a £15 monthly management fee.
Beyond that many transactions are free, including setting up Direct Debits, receiving incoming payments, and your first ten online transfers, Faster Payments and ATM withdrawals – just check our straightforward fees list for more details.