Accountant and permission to pay & withdraw.

[SeaHorseRacing]

Hi Guys,

I have been searching the internet vigorously today and struggling.

Without boring you all, I am looking for advice on setting up a bank account where there are a handful of shareholders. However I don’t want shareholders, including myself direct acces to funds whether that will be internet banking or cash withdrawal.

I am aware you can use an accountant to organise this.

Would I need to register a limited company to do this?

I am setting up a betting syndicate, so I don’t really want to open a limited company as I won’t be paying any tax....

However, I and others will regularly need access to funds to place bets, but due to the nature of gambling I want these funds secure and only passed about when say 2 shareholders agree that it is a bet to be placed...

Pretty sure some here are in the finance background so could help with my questions.

I don’t really want to call around to accountants about this as they will probably think I’m crazy.

The fellows joining the syndicate will all also need access to funds but only when agreed.

So for example, if we feel there is a worthy bet tomorrow and we agree £200 is the stake, how can I organise so only £200 is taken from our account, at the same time without some other shareholders having direct access.

Two of us are investing a lot more then the others.

SeaHorseRacing

[ShaunWhite]

You need a solicitor not an accountant. No bank or accountant is going to babysit the activities of multiple signatories to a bank account allowing access one day to a limited amount and then preventing access the next. You'll need to have an appointed treasurer if you want full control. They can then withdraw and distribute capital as they see fit.

You also shouldn't use the phrase shareholders when they aren't. That requires a registered company. They are at most stakeholders or just syndicate members.

Go see a solicitor. Often the initial consultation is free.

[SeaHorseRacing]

Thanks shaun

[spreadbetting]

Have a look around at all the P2P apps that the kids use these days to pay each other and split bills. They might be more useful than trying to set up some mass bank account especially as only a couple of you would hold control of it.

So much depends on how much people will trust the main two account holders as to how you should approach it especially as you'll be putting in the main funds. And you need to remember bank accounts are used by credit rating agencies etc banks want all the kyc stuff etc and will make you reg for a company account if there's a lot of activity.