"Shhhh" <123[at]456.com> wrote:
- quote -

In my case my bank gives me a personal account for my
business, in addition to my regular personal account. Their
charges for business accounts are higher, but there is no
cost for either of mine.

Stu

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Thank you all for your superb advice, looks like I was on
the right track, but it's comforting to know there's no real
problem with me accepting 1 over the other. Getting that
account is now tops on my list!

Thank you all,
Shhhh

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"Harlan Lunsford" <hnslunsford[at]bellsouth.net> wrote:
- quote -

This is excellent advice, I actually intend to use
washington mutual to house my business account, as they have
several no fee business accounts.

Thanks,
Shhhh

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Mike Wellman wrote:
- quote -

(snipped..)
- quote -

As far as a separate checking account for the business, this
is always recommended. It helps to segregate personal and
business items in case of audit, and helps you view the
business AS separate, even though in your case,
proprietorship, there is no legal difference.

However banks are wont to want to charge for a business
checking account, seeing all kinds of fees in their eyes.
So if you can get a personal and esp a free, personal
checking account in your name only, that will suffice.
Every penny counts.

ChEAr$,
Harlan Lunsford, EA n LA

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Shhhh <123[at]456.com> wrote:

- quote -

You will be filing schedule C and if you make a profit of at
least $434 you will also file schedule SE to calculate and
pay estimated tax.

Did you take out a separate EIN for your business? While
not required, ever since 911 many banks will not let you
open a business account without the EIN.

Any 1099s you receive either in your own SSN, which goes on
top of Schedule C, or for the EIN if any, and that EIN goes
in the EIN box of Schedule C, are just part of income. The
1099 is just an information reporting form, and unless they
withheld tax, you do not even attach to your tax return.

If you are in business, one way to help prove this is
intended to be a real profit-making business is to act
business-like, including keeping good books and records, and
having separate business accounts.

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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Shhhh wrote:

- quote -

You are NOT an employee of your own sole proprietorship --
you are (potentially) an EMPLOYER.

Armed with this information here a couple of questions for
you all.

- quote -

Not really an issue, except for bookkeeping.

- quote -

Actually, you SHOULD have a separate account for your
business activities. Makes it easier to track income and
expenses of your business.

Moderator:
Comingling of funds is outright stupid and brings a smile
to face of the most vicious auditors because they know
they are going to get to "clean your clock"!

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Shhhh wrote:

- quote -

If your business name is not your real name you need to file
an "assumed name certificate" at your county (usually).
Then open a checking account in "your name" D/B/A"assumed
name". Since both your business and your use the same SS#
it make no difference how you get the 1099s or even if you
do or don't get them. Makes no difference if you deposity
d\checks payable to you in your business account, etther.

MF

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- quote -

There would be no consequence since your social security
number would be on the 1099 regardless of how it is styled.

You should open a bank account for the business. You will
need to setup a DBA and file it locally to open an account
in the name of the business.

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Shhhh" <123[at]456.com> wrote:

- quote -

They will send the 1099 with the information that you supply
them with on the W-9.

N Owen
To reply, please change "ONE" to numeral

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Hello all,

I recently started a sole proprietorship and advertise
(mostly posters, some professional journals etc.) with my
companies name. We're basically a hired gun that does
business services for other companies. I am the only
employee (my wife sometimes pitches in). Armed with this
information here a couple of questions for you all.

I have been keeping track of all my income via quickbooks so
even if I do not recieve a 10-99 from customers I know how
much I've recieved. What would be the consequences of
someone sending me a 10-99 in my actual name instead of the
companies name? Since it is a sole proprietorship would
there be an issue at all?

So far I've simply been using my personal bank account for
both personal and business use. Since I am only a sole
proprietorship can I open a business checking account, to
make my life easier? or would I need to form my business a
different way in order to accomplish this?

Thank you all,
BB123

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