A company that I’m planning to contract with as a consultant wants me to setup a separate bank account for business. Can I setup the bank account for my sole proprietorship just like I would a personal account? Do I need to use different account forms or use a different account type?
2006-08-07 07:49:59 · 7 answers · asked by steven 3 in Business & Finance ➔ Small Business
It varies from state to state. However as a sole proprietor you typically have alot of leeway. You can generally just set up a second checking account under your own name and that will be enough. However, if you want to set one up under a business name you will need to get a business license. Then just find a bank that doesn't have high fees for small business accounts. Some banks even offer free small business checking with no minimums.
2006-08-07 07:55:40 · answer #1 · answered by ? 3 · 0⤊ 0⤋
Yes. If you are using a separate name though you will need a DBA certificate showing that it is registered with the county. Should only cost a few dollars to obtain at the courthouse. While you are there you probably need to file for your licenses, etc. Most jurisdictions have one stop programs where you can get all of the tax forms and licenses in one place.
2006-08-07 07:55:22 · answer #2 · answered by Sam B 4 · 0⤊ 0⤋
All you like is DBA workplace work. you employ your social secure practices selection. in case you comprise you will get a federal TAX identity. i began out my corporation on a dba and did all my accounting. it can be a powerful time to have quickbooks. bypass to an accountant or a bookkeeper to establish your quickbooks. you will could desire to declare all your agencies earnings and pay taxes while you're taking that earnings individually. You bookkeeper will clarify each and everything.
2016-11-04 01:58:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You will have to check with your bank. You can get a businss bank account. As long as your business name is your name you will be fine. Your tax ID will be your SSN if you do it this way.
2006-08-07 07:53:22 · answer #4 · answered by Sharp Marble 6 · 0⤊ 0⤋
you just need a copy of your DBA and a Valid I.D. and per the patriot act you would need proof of your S.S. #. i work in a bank
2006-08-07 07:53:38 · answer #5 · answered by Serviceman82 2 · 0⤊ 0⤋
Ask your bank. They will tell you what their documentation requirements are.
2006-08-07 08:13:34 · answer #6 · answered by NC 7 · 0⤊ 0⤋
go to the bank and ask them your question, they will help you more so.
2006-08-07 07:53:34 · answer #7 · answered by Anonymous · 0⤊ 0⤋