Hot answers tagged bank-account
11
When I first started out in business I had only a personal bank account and a home office. I was audited by the IRS, and they sent two agents who worked in my home office for four days. In the end, I owed nothing, but they told me most of their auditing would have been unnecessary if I had a spearate business bank account.
Get a separate bank account for ...
7
What you are talking about is Doing Business As (DBA):
Here are the Florida rules for DBA:
Choosing a DBA Start a Business
Register with the State: With a DBA/fictitious name you will be able to register the name with the state to conduct business with this name for the entire state. A lot of very small businesses choose this path, or those who are not ...
6
Depending on how you opted to tax your LLC, there may be a tax advantage to getting the company's profit down to 0. (Getting the bank account down to zero sounds like a bizarre old-wives' tale)...
Here are the details:
An LLC can be taxed as a pass-through entity (the default) or, if you filed IRS Form 8832, like a corporation.
If the LLC is taxed like a ...
5
A UK business bank account registered in the name of a limited company (e.g. 123 Ltd) will always be able to receive cheques made out in that name.
Most banks will also, subject to receiving proper notification and completing some simple forms, allow you to accept cheques made out to a trading name.
So for instance, if you incorporate as 123 Ltd, but ...
4
1.What are pros/cons of having separate bank account for LLC.
You need to get a separate bank account for your LLC. You are risking your company's future by using one bank account for both personal and business funds. Getting a business bank account costs you nothing, and is a quick and simple process.
If you don't separate your business and personal ...
4
For a corp or LLC, you definitely want to keep the money separate. Failing to do so can cause you to lose your liability shield in certain cases. For a sole proprietorship, there is less advantage to a separate account since you and the business are really one and the same.
Still, if you want, you should be able to open an account with out too much ...
4
Get a separate bank account. It wont cost you anything and it will radically simplify accounting and make dealing with the IRS easier.
I'll add that making your sole proprietorship into an LLC and setting up the account for the LLC. The reason you want to do this is to protect your personal assets from things that go wrong with your business. Setting up ...
4
When I first started out I had only my personal bank account. There were no laws, at that time, requiring anything different. (I don't think there are any laws now, but it's your duty to check.)
However, after a few years the IRS decided to audit my business. Since I had only one bank account, and I got married that year with lots of gifts, it took an IRS ...
4
At BillGuard we use Yodlee's API. Yodlee in turn have several ways of getting the data out of banks - with some they have APIs while with others they just scrape it.
Mint used to use Yodlee, but since they have been acquired it seems they've switched to using Intuit's internal solution.
3
To open your bank account:
Try Citibank's International Personal Banking at 1-813-604-3000. You might need to fax/scan/mail the required documents. It's not easy since 9-11 but it's possible since the US does have a pro-business framework.
To incorporate:
I would incorporate in Delaware as an LLC. Delaware don't have any minimum taxes (unlike California's ...
3
In addition to the points made by nsanders, having a separate bank account will definitely help for record keeping. It makes it possible to quickly look at one account to show you how much money is left over specifically related to your business.
When I first started my business I just opened up a 2nd personal chequings account and called for a 2nd Visa ...
3
Typically in the US you'll want to check with your state about registring a D/B/A (meaning doing business as). Usually the fee to register is $50 or something minor and what happens is that you'll be mailed a certificate saying that name is linked to your LLC. From there you go to the bank and show them the document and they'll let you add it to your ...
3
I don't know about Australian banks specifically, but it's fairly hard to get a USD debit card attached to a bank account anywhere outside the US. Even in Canada the best the banks offer is a USD account and then a USD credit card that can be paid from the account. Offshore banks (IOM, Channel Islands etc) were forced to withdraw USD debit cards after the ...
2
Way back in the day, when I accepted ads for The Daily WTF, I just had everything go through me personally. It's not that big of a deal, since the revenue is small (few hundred dollars here and there), and no one's going to make a big stink of things. If they prepay and are not satisfied (which never happend), they're not going to sue... and if they never ...
2
Yes, I've used them as my banker in one of my past businesses and now work with them on behalf of several clients who use their services. It depends on what you are looking for.
Strengths: Business banking security, international transactions, startup friendly offering fee free checking with no minimums for first year. They are hoping you get funded in ...
2
Strongly consider opening a bank account for your business with a local Small business bank. I use wells fargo, bofa, and chase for my personal bank accounts, but none of them are geared towards business, and could care less about your small operation.
A smaller business bank, or credit union might have a little higher in fees, but overall you are likely ...
2
What's the point of opening a bank account in Delaware? You don't need one to have a corp, you just need a registered agent.
If the point is to have an American bank to solidify the trust of American clients making deposits, you can use the Bank of America (has their name on it ;) ). BoA has branches in Mumbai, Bangalore, New Delhi, Kolkata, Chennai, ...
2
I can answer half of your question, quite easily:
To register a limited company in England you go to Companies House. Their web site explains all the options, including how to do it online. http://www.companieshouse.gov.uk/infoAndGuide/companyRegistration.shtml
2
The majority of the time it's not worth it to even go anywhere near this.
Rather than pay 1/2 your rent, and potentially have to deal with more complex tax filings, attracting audit attention, potential issues with your landlord (many renters contracts have clauses about the property not being used for business, etc.) you should just have the business pay ...
2
You don't mention what country you are in, but in the US you can be sure that the bank will require someone or something to be responsible for the bank account. You will need either an IRS Tax ID number or your Social Security Number to open that bank account.
You really need to talk to your bank, not ask questions here. But note, at least in the US, ...
2
Unfortunately, the money laundering regulations make it very difficult to open an account from overseas. You need to show proof of identity and proof of address for the company officers (usually Directors).
One option might be to choose a global bank, e.g. HSBC, and open a local account with them, then talk to them about your plans and see if they can open ...
1
If you are registered with an LLC, you need to have a separate business account, otherwise if it's opened in your name, and you put business funds into it, it's co-mingling of funds, which is very bad. I'm not precisely sure how the Apple App Store deposits funds. If it's an EFT then it should be fee-free, but if it is a wire transfer then there will be fees ...
1
Sorry to hear of your experience, there are banks that let you open bank accounts even if you aren't a resident. So I don't see why they're being so ridiculous.
I'm not sure which bank you've tried to deal with, but Ive found with some banks- their interpretation of the rules and special circumstances can actually vary by Branch! and I think you might ...
1
Who has control of the bank account is not particularly relevant. Even a sole founder with full access to the company bank account doesn't have the right to take the money and cash it for himself.
Why? Remember that the company is a separate (moral) person. He'd be stealing from that person. Yes, it's weird because he is the company's only founder, but it ...
1
I'm sorry to say this but, from your post, i would say you are not a co-founder nor treated as one. If the founder can do everything without your OK then leave, you are doing nothing there, sooner or later he will takeover. Unless you can balance the partnership, as you describe it, it's pure non-sense.
1
Yes. When you open your business bank account, you will need to show them that you properly registered the business. I don't know all the details in the UK, but it should be the same as any other country. The business account name will have the name of the business on it and cheques made out to that business will be depositable into that account.
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