New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.

Answers

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: admin  — 29 November, 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.

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