November 21, 2009
Could I use my personal bank account instead of setting up a business?
lilly asked:
I have money in a personal cd and a couple of hundred in my savings and checking. I own a small boutique that is currently only accepting cash. Could I deposit my money in my personal savings for now until I set up a merchant account along with a business bank account?
I have money in a personal cd and a couple of hundred in my savings and checking. I own a small boutique that is currently only accepting cash. Could I deposit my money in my personal savings for now until I set up a merchant account along with a business bank account?
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Comments on Could I use my personal bank account instead of setting up a business?
Yes for cash but any checks would have to made out to the same name on the account.
This is “okay” but a nightmare if you get audited.
Be absolutely certain you photocopy EVERY check before you deposit it. Otherwise the IRS will assume they are all deposits for the business.