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Partnership bank account
Posted on 7/30/15 at 9:30 am
Posted on 7/30/15 at 9:30 am
A friend and I are going to do a few small projects together to makes some extra cash on the side. I think it's a good idea to open a separate bank account for this purpose.
Any tips? Do we need a business account or will they allow a personal account? Do we need a legal business name?
We plan on investing a set amount of cash in the beginning and just letting it grow from there and not withdrawing any cash for personal use until we reach a more significant amount of cash.
Any tips? Do we need a business account or will they allow a personal account? Do we need a legal business name?
We plan on investing a set amount of cash in the beginning and just letting it grow from there and not withdrawing any cash for personal use until we reach a more significant amount of cash.
3
Posted on 7/30/15 at 9:33 am to gamemc
I don't believe you cannot open up a business bank account without a tax ID number.
Posted on 7/30/15 at 12:00 pm to gamemc
There are so many horror stories, busted friendships, and legal cases that begin with
Form an LLC, register with the state (you can get the documents off the sec of state website, fill them in) draft an operating agreement (pay a few bucks for a template), get an EIN.
Go to bank with all of this and open a business account.
This is what I would do.
If you refuse to do this, then I will say that some banks will allow you to use one of your SSNs with a d/b/a. However, I would beg of you to not do this.
quote:
A friend and I are going to do a few small projects together to makes some extra cash on the side
Form an LLC, register with the state (you can get the documents off the sec of state website, fill them in) draft an operating agreement (pay a few bucks for a template), get an EIN.
Go to bank with all of this and open a business account.
This is what I would do.
If you refuse to do this, then I will say that some banks will allow you to use one of your SSNs with a d/b/a. However, I would beg of you to not do this.
Posted on 7/30/15 at 4:13 pm to gamemc
Going into business with another person and not having an attorney guide you through the process sounds like a terrible idea. Not having specifics in a valid legally supportable document sounds like a terrible idea. If you don't know what should be addressed in those documents, doing it on your own sounds like a terrible idea.
Going into business with another person is a lot like a marriage. Just remember that the honeymoon doesn't last forever and the divorce rate is pretty high.
*Not legal advice, etc.
Going into business with another person is a lot like a marriage. Just remember that the honeymoon doesn't last forever and the divorce rate is pretty high.
*Not legal advice, etc.
This post was edited on 7/30/15 at 4:13 pm
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