I know many in Europe that did this and never had any problems. You will run into problems if you just completely mix your transactions. I.e. if you use the same account for buying food at Costco and receiving money from your personal eBay sales as you use for your company. If you use a dedicated personal account only for company, there is no problem (unless you are from a country which specifially mandates the use of corporate accounts). And it is also no problem like in the case of @slink where you use a personal account to receive GST refunds once per quarter. IRAS allows you to use any account in any name. Generally, it is also no problem to run travel expenses through personal credit cards and then refunding them from the company account in bulk.
The problem only arises when it becomes a complete mess and unclear what transactions are for the company and which ones not.
