Business bank account?
In 2020, I opened a corporate bank account. I just called the bank and they said they opened a regular business account instead of a corporate account by mistake. If I thought this account was a corporate account and paid business expenses and taxes from it. What is going to happen? Will I be prosecuted? What should I do now? I'm going to open one right now. But do I need to make contact with anyone?There is no distinction between a corporate and a regular business bank account.
The risk of combining personal and corporate funds is the implied difference that you are concerned about. You must sign contacts as " Mrs Doe, Treasurer, XYZ corporation" if you have a corporate account. (or whatever you want to call it).
It's not a big deal if you're just signing a check.
If you sign a loan contract, you may be held personally liable for the loan rather than the company.
To be safe, the Board of Directors should convene a meeting and resolve that this account is a corporate account, and that all transactions on this account carried out by you or any other officer of the corporation are acts of the corporation and approved as such acts.