Check it out
Please see what your neighbor says. Because we're talking about an account that will more then likely have less then 3-5 million won in it. Most of the folks I have spoken with said it would be easier to manage and because of it's small size not be taxed, if we simply setup a personal account. I'm not sure how legal that is, so I'm looking into that as well.
I'm sure we'll get lots of opinions, but I'd love to sit down with someone, like a business lawyer, who can give us the "legal truth."