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  #5  
Old 02-26-2004, 04:14 PM
Stuart Bronstein
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Default Re: depositing checks under your name in a corporate bank account

Harlan Lunsford <lunstax[at]bellsouth.net> wrote
- quote -

> Maren Purves wrote:
> > Sandy Jones wrote:


> > > One of my business associates wrote a check to my name that
> > > is business related, but I just opened a corp. Can I still
> > > deposit the check into the business account even though i
> > > have 50% owner of the corp? If not, can I just endorse the
> > > back of the check and put pay to the name of my corp or do I
> > > have to deposit in my personal account?


> > you'll have to ask you bank that. They may take it or they
> > may not. Usually, as the check is made out to you and you're
> > depositing it the most they would ask is for you to endorse
> > it.


> To further refine the answer, the endorser should endorse
> the check, and underneath : "Pay to the order of" "name of
> his corporation". and deposit same.
> This I remember from business law 101.


That's best, but it's not legally required. Technically all
you need to do is to sign your name, which is referred to as
an endorsment in blank. It's like writing a check "to
cash." Anybody who finds it after that can cash it. When
you do that, the corporation can legally deposit it.

Whether the bank will accept it, though, is another issue.

Stu

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  #4  
Old 02-25-2004, 03:24 PM
Harlan Lunsford
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Default Re: depositing checks under your name in a corporate bank account

Maren Purves wrote:
- quote -

> Sandy Jones wrote:

> > One of my business associates wrote a check to my name that
> > is business related, but I just opened a corp. Can I still
> > deposit the check into the business account even though i
> > have 50% owner of the corp? If not, can I just endorse the
> > back of the check and put pay to the name of my corp or do I
> > have to deposit in my personal account?


> you'll have to ask you bank that. They may take it or they
> may not. Usually, as the check is made out to you and you're
> depositing it the most they would ask is for you to endorse
> it.


To further refine the answer, the endorser should endorse
the check, and underneath : "Pay to the order of" "name of
his corporation". and deposit same.

This I remember from business law 101.

CheeR$,
Harlan Lunsford, EA n LA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #3  
Old 02-24-2004, 08:33 AM
Maren Purves
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Posts: n/a
Default Re: depositing checks under your name in a corporate bank account

Sandy Jones wrote:

- quote -

> One of my business associates wrote a check to my name that
> is business related, but I just opened a corp. Can I still
> deposit the check into the business account even though i
> have 50% owner of the corp? If not, can I just endorse the
> back of the check and put pay to the name of my corp or do I
> have to deposit in my personal account?


you'll have to ask you bank that. They may take it or they
may not. Usually, as the check is made out to you and you're
depositing it the most they would ask is for you to endorse
it.

Maren

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #2  
Old 02-24-2004, 08:14 AM
Harlan Lunsford
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Posts: n/a
Default Re: depositing checks under your name in a corporate bank account

Sandy Jones wrote:

- quote -

> One of my business associates wrote a check to my name that
> is business related, but I just opened a corp. Can I still
> deposit the check into the business account even though i
> have 50% owner of the corp? If not, can I just endorse the
> back of the check and put pay to the name of my corp or do I
> have to deposit in my personal account?


While this is not a tax question, I'll go ahead anyway and
say okay to what you propose.

My clients many times mistakenly make out their checks to me
rather than my corporation.

CheeR$,
Harlan Lunsford, EA n LA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #1  
Old 02-24-2004, 07:36 AM
Gene E. Utterback, EA
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Default Re: depositing checks under your name in a corporate bank account

"Sandy Jones" <masteroflunar[at]aol.com> wrote:

- quote -

> One of my business associates wrote a check to my name that
> is business related, but I just opened a corp. Can I still
> deposit the check into the business account even though i
> have 50% owner of the corp? If not, can I just endorse the
> back of the check and put pay to the name of my corp or do I
> have to deposit in my personal account?


Endorse the check and mark the endorsement "pay to "my
corp"" and deposit it into the corporate bank account.

Gene E. Utterback, EA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
 
Old 02-24-2004, 07:16 AM
Stuart Bronstein
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Posts: n/a
Default Re: depositing checks under your name in a corporate bank account

masteroflunar[at]aol.com (Sandy Jones) wrote in

- quote -

> One of my business associates wrote a check to my name that
> is business related, but I just opened a corp. Can I still
> deposit the check into the business account even though i
> have 50% owner of the corp? If not, can I just endorse the
> back of the check and put pay to the name of my corp or do I
> have to deposit in my personal account?


If the money rightly belongs to the corporation, endorse it
over and treat it like corporate money. If your bank
doesn't take the check, find a new bank.

If the money rightly belongs to you, you should not be
giving it to the corporation except as a loan or in exchange
for stock.

Stu

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  #-1  
Old 02-23-2004, 05:01 PM
Sandy Jones
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Posts: n/a
Default depositing checks under your name in a corporate bank account

One of my business associates wrote a check to my name that
is business related, but I just opened a corp. Can I still
deposit the check into the business account even though i
have 50% owner of the corp? If not, can I just endorse the
back of the check and put pay to the name of my corp or do I
have to deposit in my personal account?

Thanks.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
 

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account, bank, checks, corporate, depositing
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