Syndicate bank account. What do you do?

[pcatterall]

　

Just setting up a syndicate, considering the banking options and looking for your advice.
Joint account or open some sort of club/charity account.
Who/how many to sign?

 

[KenMcCulloch]

We have the same sort of account as an 'Unincorporated Association' with all three members as signatories, one signature required on (rare) cheques. In practice we have a nominated treasurer who manages the account and produces a simple monthly statement. If i spend money on the boat I just send a note of that to my comrade who transfers the relevant sum back to my bank.

 

[cliveshelton]

We have the same sort of account as an 'Unincorporated Association' with all three members as signatories, one signature required on (rare) cheques. In practice we have a nominated treasurer who manages the account and produces a simple monthly statement. If i spend money on the boat I just send a note of that to my comrade who transfers the relevant sum back to my bank.

No bank account necessary for us. We have a simple spreadsheet on Dropbox which we maintain. From time to time we settle up and balance up the sheet. It provides a running record of spending too and the history. Of course we are good friends and trust one another not to spend more than £50 without agreement.

 

[Plevier]

No bank account necessary for us. We have a simple spreadsheet on Dropbox which we maintain. From time to time we settle up and balance up the sheet. It provides a running record of spending too and the history. Of course we are good friends and trust one another not to spend more than £50 without agreement.

+1.

 

[Halo]

Just make sure you do not sign up for "joint and several liability"