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Guest Conrad

Bank Account in Company Name?

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Conrad, you're so cute! laugh.gif

 

As a rule of thumb, it's best to keep your business and personal finances separate. It avoids the IRS question of co-mingling of funds, allows you to have a clearer picture of your business income and expenses, and makes it easier at tax time. Depending on your business structure (LLC, S-Corp., etc.) you may be required to maintain separate accounts. My recommendation is to consult a CPA who works with home-based business owners. He/she should provide all kinds of tips for setting up and maintaining your business practices. Usually they will offer a free consultation.

 

Along with this I highly recommend tracking your business finances with a good accounting program such as Quicken or QuickBooks.

 

BTW - would love to see a picture of you all grown up. tongue.gif

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Guest Conrad

That's my baby girl smile.gif

 

Thanks for the reply..... i have far to go to getting my business set up. What is S-Corp? What is the easiest and cheapest?

 

AND..... where can I find info on taxes for Texas? Too bad you can't do something for someone (Mass mailings for example) and get paid and not have to pay taxes on it!

 

 

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Guest TerryGreen

Conrad,

 

I am a sole proprietor. I tried the corporation thing, and it became an expensive pain in the rear, and I wasn't really any better off. I am back to sole proprietorship, which is much easier. I don't know anything about S-Corps.

 

While I've been known to pay for business expenses out of my personal account in the past, I have a business account, in my business name. Unless absolutely necessary, I now try to make all of my purchases from my business account. As stated in tmacrae's (I don't know her name) post, it's just smarter for accounting purposes.

 

Terry

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Conrad, you're little girl is absolutely adorable tongue.gif

 

I agree with keeping your business and personal funds separate with different accounts.

 

I thought the following link might be a helpful resource for you in the start-up of your business.

 

Small Biz Intro - Dallas

 

HTH

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What an absolute doll Conrad!!! How old is she?

 

I'm Canadian so I can't help you much with the laws in setting up your business in Texas.

 

But I strongly suggest that you keep your business and personal funds separate. It keeps things much simpler in the long run.

 

smile.gif

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Guest Conrad

Thank you all!

 

My little one is 9 months old, but she was 6 months old in that picture. I love that one. Here is a recent one smile.gif

post-22-1105645842.jpg

Edited by Conrad

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I'm in Austin. I'm a sole proprietorship. If you are going to operate under a business name, you need to go your county's clerk office and file a DBA. Take that DBA to your bank and open a business account.

 

If you want to incorporate there are pluses, but really until you are making around $100k or more, it's not worth it in our state, IMHO.

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Guest TerryGreen

Unless I'm mistaken, I think Ohio's DBA registration is good for 5 years. Since I am a wholesaler for business cards, stationery, rubber stamps, etc., I have to have a vendor's license and that has to be renewed each year.

 

Terry

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