Can a sole proprietor operate without a current account?

A sole proprietor is not required to have a current account. Without it, cash may be used for settlements under transactions, and taxes may be paid via payment slips. At the same time, the entrepreneur may face a number of difficulties:

• when settling in cash, the amount of one contract must not exceed 100,000 rubles;
• most companies work only on a cashless basis, which limits the range of possible business partners;
• the bank may suspect the sole proprietor of laundering illegal income;
• funds for loans and leasing are provided only via cashless transfers.

To avoid these problems, a sole proprietor is still advised to open a current account.