Question about sole proprietorship checking accounts?
I have a website that I make a substantial amount of income from, and I know that for tax purposes it's easier to prove business deductions if you hav...
I have a website that I make a substantial amount of income from, and I know that for tax purposes it’s easier to prove business deductions if you have one account for personal expenses and one just for business expenses.
My question is, does that second checking account need to be in the business’ name (establishing a dba/trade name) or can both accounts be in my name?
High lonesome is incorrect about the dba
All you need is a copy of the assumed name certificate granting you the right to use the name in order to open a bank account in the dba name
It matters not if you have an EIN or not
Your social security number works just fine
They can both be in your name, but for the dba account you will have to get a EIN, Employee Identification Number to open the dba business account.
I’m not sure with on line payments but you cant deposit a check made out to the dba biz into your person al account. Best to check it out with your banker and tax person. Good Luck