While it is not mandatory to have a separate bank account for a sole proprietorship, it is highly recommended to do so for several reasons.
When opening a separate bank account for your sole proprietorship, it’s important to choose a bank that offers business banking services tailored to small businesses. Look for an account that suits your needs in terms of fees, transaction limits, online banking features, and customer support.
Additionally, remember to consult with a financial advisor or tax professional to ensure compliance with any local regulations or specific requirements related to your business structure and jurisdiction. They can provide personalized guidance based on your specific circumstances and help you make informed decisions regarding your business finances.