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]

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

 

[blizz]

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.