Could I use my personal bank account instead of setting up a business?
Written By: admin on December 7, 2009
2 Comments
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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Tags: business bank account, merchant account, money, personal cd, personal savings
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.
Yes for cash but any checks would have to made out to the same name on the account.