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#5
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| Harlan Lunsford <lunstax[at]bellsouth.net> wrote - quote - > Maren Purves wrote:
That's best, but it's not legally required. Technically all> > 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. 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 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
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| Maren Purves wrote: - quote - > Sandy Jones wrote:
To further refine the answer, the endorser should endorse> > 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. the check, and underneath : "Pay to the order of" "name of his corporation". and deposit same. This I remember from business law 101. CheeR$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
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| Sandy Jones wrote: - quote - > One of my business associates wrote a check to my name that
you'll have to ask you bank that. They may take it or they> is business related, but I just opened a corp. Can I still > deposit the check into the business account even though i > have 50% owner of the corp? If not, can I just endorse the > back of the check and put pay to the name of my corp or do I > have to deposit in my personal account? may not. Usually, as the check is made out to you and you're depositing it the most they would ask is for you to endorse it. Maren << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
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| Sandy Jones wrote: - quote - > One of my business associates wrote a check to my name that
While this is not a tax question, I'll go ahead anyway and> is business related, but I just opened a corp. Can I still > deposit the check into the business account even though i > have 50% owner of the corp? If not, can I just endorse the > back of the check and put pay to the name of my corp or do I > have to deposit in my personal account? say okay to what you propose. My clients many times mistakenly make out their checks to me rather than my corporation. CheeR$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
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| "Sandy Jones" <masteroflunar[at]aol.com> wrote: - quote - > One of my business associates wrote a check to my name that
Endorse the check and mark the endorsement "pay to "my> 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? 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 > << -------------------------------------------------> |
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| masteroflunar[at]aol.com (Sandy Jones) wrote in - quote - > One of my business associates wrote a check to my name that
If the money rightly belongs to the corporation, endorse it> 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? 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 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
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| 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 > << -------------------------------------------------> |
| Tags |
| account, bank, checks, corporate, depositing |
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