LLC and Bank Account ?

WImom · #1 02-15-2011, 10:30 AM

IF I have an LLC do I need to have a seperate business account or can I deposit the checks from parents into my personal account as long as I'm keeping track? (I use MM software). Also they write the checks out to my business name.

I can't find any banks that don't charge a monthly fee if I don't make 10 transactions. I'm sick of going to the store all the time to buy something I really don't need just to get 10. RIght now it's Feb 15th and I still have nine more to go. I also don't like that I can't transfer my dc money over to my personal account online. So I have to make two trips to the bank every week.

Anyone have a great bank they want to share with me?

jojosmommy · #2 02-15-2011, 10:33 AM

I would direct this question to the Tax section of the forum. Tom Copeland has answered some LLC/bank account questions there within the last month. Good Luck.

WImom · #3 02-15-2011, 11:10 AM

Thanks. Can someone move this or do I need to post it there too?

Michael · #4 02-15-2011, 01:24 PM

I moved it. Here is an earlier thread that may help: https://www.daycare.com/forum/showthread.php?t=25899

actaktmdt · #5 02-15-2011, 02:29 PM

OL

Quote:

Originally Posted by WImom

IF I have an LLC do I need to have a seperate business account or can I deposit the checks from parents into my personal account as long as I'm keeping track? (I use MM software). Also they write the checks out to my business name.

I can't find any banks that don't charge a monthly fee if I don't make 10 transactions. I'm sick of going to the store all the time to buy something I really don't need just to get 10. RIght now it's Feb 15th and I still have nine more to go. I also don't like that I can't transfer my dc money over to my personal account online. So I have to make two trips to the bank every week.

Anyone have a great bank they want to share with me?

I left banking to do daycare this past year and stay home with my daughter. It is the FDIC regulates all account types. You can never link LLC accounts to personal per their guidelines. They have to be seperate transactions. You can not per fdic guidelines deposit a check made out to a business name into a personal account no matter if you own that name of the business or not. Doing so will trigger lots of bank security including investagations that can lead to massive federal fines that banks are required to report. If you want it to go into a personal account parents need to write out the checks to you in your name.

WImom · #6 02-16-2011, 10:31 AM

thanks for the info!

TomCopeland · #7 02-16-2011, 12:34 PM

This is another reason why LLC's are not necessarily the best business structure for family child care providers.

Join me for my webinar on February 28th "How to Reduce Your Taxes for 2010 and 2011". I guarantee that you will save more in taxes than the cost of the webinar ($25). For more info: https://www.daycare.com/news/taxes/t...d-webinar.html

Maxfeen · #8 02-20-2011, 06:55 PM

Hey tom

once the seminar is paid for ... will i have access to the audio for further review?

TomCopeland · #9 02-20-2011, 08:36 PM

I don't know. I'll check into it.

#10 02-22-2011, 12:31 PM

I tried to sign up for the webinar but they require me to join Nafcc in order to get the $25 price. She didn't know the cost for non members.

TomCopeland · #11 02-22-2011, 02:12 PM

The cost for the webinar is $25 - you don't have to be a member of NAFCC.