Call Us Now: +1 (877) 330-2677 Live Chat: ONLINE NOW   

New business start date

Asked by: Paul Taft - 29 November, 2012 My new business will officially commence on Jan 1, however I have received an advanced deposit from a customer in the company name that I would like to deposit. I do not want to file a tax return for the business until next year. Should I deposit this into my personal rather than business account so this can be recognized as revenue by the Co. after Jan 1?
Answered by: Ray Albert - 1 December, 2012 Paul,

I am not sure if you would be able to deposit a check in your company name into your personal account. Banks require you to show them company documents such as Articles of Incorporation/Organization and EIN letter, before they open a business bank account and permit depositing checks in company name.

You could register a DBA and add it to your personal bank account, but then you would be doing business as individual (sole proprietor), and I am not sure if that is your intention. In any case, you should consult a CPA on questions of taxation, since the answer to most questions will almost always depend on your personal situation.


We Want To Connect With You!

Social Media is increasingly the preferred method for businesses to connect with their clients, peers and customers. We are dedicated to share information and useful tools to help you grow your business.

Like us on Facebook, follow us on Twitter, and let's begin the exchange to Help Grow America One Business at a Time - starting with yours!