Joint account : you and your business

Is that possible?

[fischermx]

Does anybody has tested this with a Bank?
I mean, do they allow having a checking account that is at the same time in your business name and your own name? (just like the joint account with your wife).
I wonder if this is possible, because it would avoid me having to signup again in affiliate and other advertising programs to have the checks on the business names instead of mine.

[HRoth]

I believe it is normal to have at least one person's name on a business account as well as the business name, because someone has to sign the checks. This is how my business account is.

[fischermx]

Well, yes I suppose so, too.
But I wonder if it is "correct" to still getting payments in our own name and deposit them in the business account.
I ask this, because I'm near to move to an LLC, and to start with, I'd prefer to don't close my google adsense account and start over.
I'd like to be able to receive the checks in my own name and deposit them as a business income ...
Is this correct for, say, the IRS?

[vincevincevince]

I have no idea if it is correct, but I know my Business bank account only gives me debit cards in personal names, not in the company name.

[Essex_boy]

Your liimited liability company is an artifical being so there fore you can have your name and teh business one on the same account, however you would have to be in partnership with your ltd company to allow you to do this.

Its somewhat unusual for anyone to want to do this, and id suugest that you open a clients account in your SOLE name cash the cheques and pay the balance into your business account.

You would have to keep detailed records and maybe submit these to an account, but as you are only holding the funds onbehalf of someone you shouldnt pay any tax.

Thats just my thoughts on the subject and may be wrong, so go check it with an accountant.

[Gibble]

You should just be able to endorse the check (sign the back) and deposit it into the business account.

No different than me endorsing a cheque that's in my name, and someone else depositing or cashing it.

Once it's endorsed anyone can cash it.

...i think.

[HRoth]

I use a stamper to endorse the checks. My name is not on the stamp, only the business name and routing number and all that. When I referred to signing checks, I meant in terms of writing a business check to someone, say, for a refund for a check payment. Then I am supposed to sign it with my own name. I think this is normal. Think about when you have gotten checks from businesses. Some CFO or guy in accounting has to sign it.

What does the IRS care about how you set up your bank accounts? They care that you keep everything straight taxwise. It's harder to do that if you are mixing up personal purchases and business purchases from the same account. You're not supposed to do that.

I have had a teller now and then tell me I could not deposit a check made out to me into my business account. However, I just came back at a later time and deposited it no problem. But my business account is not for a corporation. It's for a DBA.

The other thing is that my bank won't let me take out money while I'm depositing it, like you can do with a personal account (deposit a check for $100 and ask to get $50 back). They told me this is not allowed with a business account.

LLCs are unique. My understanding is that the IRS still has not determined exactly what their status is and that they are presently in a grey area tax-wise. Right now they are considered pass-through entities, so I would think that means that an account for an LLC could be used by the LLC owner. Otherwise, how would you get at the money and manage the business? You should ask your bank how they handle an account for an LLC, though.