Victor Roberts <xxx[at]lighting-research.com> wrote:

- quote -

Not guaranteed, but very likely, yes. This may well also
apply to the protections givey by an LLC.

Stu

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

sethb[at]panix.com (Seth Breidbart) wrote:
- quote -

Also, if he is a C Corp and does not have a separate
checking account in the name of the business I would suspect
he would lose the various legal advantages of the "corporate
shield."

--
Vic Roberts
Replace xxx with vdr in e-mail address.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"Jenny" <cjsh2125[at]hotmail.com> wrote:

- quote -

Do you not want to get a business checking account because
the can be so expensive?

What I've done is to open a second personal account in the
name of the business. As long as there's not too much
activity (either in or out) the banks that I've done this
with didn't mind.

Stu

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

Jenny <cjsh2125[at]hotmail.com> wrote:

- quote -

If it's not a corporation (Schedule C), then it doesn't
matter.

If it's a C Corp, not having a business account is very
problematical (more to do with anything being deposited into
the account being income to you rather than the corp).

If it's an S corp, I'd guess somewhere in between: you can
get away with it, but . . .

Seth

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"Jenny" <cjsh2125[at]hotmail.com> wrote:

- quote -

How is the business organized? Sole Proprietorship, LLC,
S Corp, or C Corp?

--
Vic Roberts
Replace xxx with vdr in e-mail address.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

I just bought a small business.

Question: I know it's better to open a business checking
account. But I only write less than 5 checks per month for
the business. If I use my personal check (my name/home
address) for the business, will I have problems with IRS in
case of audition because I use personal checks to pay
lease/utility etc? I definitely make a note in the check,
but not sure I must have business account. thanks

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >