emi-acct as only account

[Magnyz]

Here's a question from a newbie. Sorry in advance if I don't even know the correct terms to ask a question ;-).

Generally speaking, is it possible for a corporation to have an account with an emi-institution as the only account? I am thinking that in order to deposit funds to the emi account you need to have real bank account somewhere else first.

 

[Gediminas]

Hey,

Yes, you can run your business with only one EMI account. It's not recommended, but you can do that.

 

[Magnyz]

Thanks for your comment. What is the drawback to have a business with EMI-account only?

 

[JohnLocke]

Some people only use an EMI as the only banking facility for their business or private.

You don't need to have a bank account to open an EMI.

 

[Gediminas]

Thanks for your comment. What is the drawback to have a business with EMI-account only?

I mean, it's better to have more than one account. For diversification purposes, etc.

 

[blizz]

Here's a question from a newbie. Sorry in advance if I don't even know the correct terms to ask a question ;-).

no need to say sorry, we have all been where you are.

You can use an EMI as only bank account if that is what you would like to do or if you are unable to find a real bank account.