First bank account

The advance check for the assignment posed a huge problem since we didn't a bank account in the firm's name. I had thought that to get that I would need to first incorporate, file the appropriate paper work with SECP and then once they had given their approval think about moving forward.

Mahmood, the accounting and tax partner, solved the problem. "No need to have a panic attack.. Just open a current accout and title it with your firm name. As long as you work as a sole proprietor, you can skip the incorporation issues. Do that when you are big and strong and ready for all the hassles you will face once you have a private limited company".

Trip to the nearest bank confirmed that this was possible. The bank manager gave me the suspicious "Are you sure you are not a drug or war lord from up north?" look when I asked to open a titled current account. 15 minutes of questioning followed after which they agreed that I looked like a harmless consultant who was just trying to deposit his first client check. Needed two references (Mahmood & Masood), a company seal (250 rupees, city court) and the deed was done.

We had an account in our name.