Morena Jimi – we will see if we can get a legal person to jump onto this to give some views – to your questions from me, I would say:
– will you be GST registered?
– bank accounts, to start with you could just use your personal / trading accounts if you can ‘separate’ out the accounts so that you have a sub-account for customer money, another sub-account for trading for your business expense and then your own personal account for your personal items – having them in separate accounts is important so that you don’t cross over
– one legal statement, if you are ‘holding’ moneys on trust for your customers then you maybe required to have a trust account established, I just don’t know what is the legislation (if any) that is relevant here.
– one complexity is that if you use your personal accounts for this, the IRD number assigned to this for interest purposes will be your personal one, so you or your accountant will need to resolve that.
When I really think about this – in starting out, while you don’t know how the business will play out, it is good to have flexibility in how you do things, as long as you make sure you don’t ‘use’ the customer money for your expenses, while you are holding their money before you fulfil their order – keeping things flexible is a good thing, once you have patterns and have demand then you can add more formality like a bank account for the company, GST registration and more.
Hope that helps.