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Sole Proprietorship... 1099

 
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Subject Author Date
Sole Proprietorship... 1099 Shhhh 10-24-2006
Posted by Shhhh on October 24, 2006, 7:27 am
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 Hello all,

I recently started a sole proprietorship and advertise
(mostly posters, some professional journals etc.) with my
companies name. We're basically a hired gun that does
business services for other companies. I am the only
employee (my wife sometimes pitches in). Armed with this
information here a couple of questions for you all.

I have been keeping track of all my income via quickbooks so
even if I do not recieve a 10-99 from customers I know how
much I've recieved. What would be the consequences of
someone sending me a 10-99 in my actual name instead of the
companies name? Since it is a sole proprietorship would
there be an issue at all?

So far I've simply been using my personal bank account for
both personal and business use. Since I am only a sole
proprietorship can I open a business checking account, to
make my life easier? or would I need to form my business a
different way in order to accomplish this?

Thank you all,
BB123

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Posted by N Owen on October 25, 2006, 6:45 pm
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> I recently started a sole proprietorship and advertise
> (mostly posters, some professional journals etc.) with my
> companies name. We're basically a hired gun that does
> business services for other companies. I am the only
> employee (my wife sometimes pitches in). Armed with this
> information here a couple of questions for you all.
>
> I have been keeping track of all my income via quickbooks so
> even if I do not recieve a 10-99 from customers I know how
> much I've recieved. What would be the consequences of
> someone sending me a 10-99 in my actual name instead of the
> companies name? Since it is a sole proprietorship would
> there be an issue at all?
>
> So far I've simply been using my personal bank account for
> both personal and business use. Since I am only a sole
> proprietorship can I open a business checking account, to
> make my life easier? or would I need to form my business a
> different way in order to accomplish this?

They will send the 1099 with the information that you supply
them with on the W-9.

N Owen
To reply, please change "ONE" to numeral

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Mike Wellman on October 25, 2006, 6:45 pm
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> I recently started a sole proprietorship and advertise
> (mostly posters, some professional journals etc.) with my
> companies name. We're basically a hired gun that does
> business services for other companies. I am the only
> employee (my wife sometimes pitches in). Armed with this
> information here a couple of questions for you all.
>
> I have been keeping track of all my income via quickbooks so
> even if I do not recieve a 10-99 from customers I know how
> much I've recieved. What would be the consequences of
> someone sending me a 10-99 in my actual name instead of the
> companies name? Since it is a sole proprietorship would
> there be an issue at all?
>
> So far I've simply been using my personal bank account for
> both personal and business use. Since I am only a sole
> proprietorship can I open a business checking account, to
> make my life easier? or would I need to form my business a
> different way in order to accomplish this?

There would be no consequence since your social security
number would be on the 1099 regardless of how it is styled.

You should open a bank account for the business. You will
need to setup a DBA and file it locally to open an account
in the name of the business.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Harlan Lunsford on October 27, 2006, 10:55 pm
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Mike Wellman wrote:
> OP wrote:

>> So far I've simply been using my personal bank account for
>> both personal and business use. Since I am only a sole
>> proprietorship can I open a business checking account, to
>> make my life easier? or would I need to form my business a
>> different way in order to accomplish this?

(snipped..)
> You should open a bank account for the business. You will
> need to setup a DBA and file it locally to open an account
> in the name of the business.

As far as a separate checking account for the business, this
is always recommended. It helps to segregate personal and
business items in case of audit, and helps you view the
business AS separate, even though in your case,
proprietorship, there is no legal difference.

However banks are wont to want to charge for a business
checking account, seeing all kinds of fees in their eyes.
So if you can get a personal and esp a free, personal
checking account in your name only, that will suffice.
Every penny counts.

ChEAr$,
Harlan Lunsford, EA n LA

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Shhhh on October 28, 2006, 6:40 pm
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> Mike Wellman wrote:
>> OP wrote:

>>> So far I've simply been using my personal bank account for
>>> both personal and business use. Since I am only a sole
>>> proprietorship can I open a business checking account, to
>>> make my life easier? or would I need to form my business a
>>> different way in order to accomplish this?

> (snipped..)
>> You should open a bank account for the business. You will
>> need to setup a DBA and file it locally to open an account
>> in the name of the business.

> As far as a separate checking account for the business, this
> is always recommended. It helps to segregate personal and
> business items in case of audit, and helps you view the
> business AS separate, even though in your case,
> proprietorship, there is no legal difference.
>
> However banks are wont to want to charge for a business
> checking account, seeing all kinds of fees in their eyes.
> So if you can get a personal and esp a free, personal
> checking account in your name only, that will suffice.
> Every penny counts.

This is excellent advice, I actually intend to use
washington mutual to house my business account, as they have
several no fee business accounts.

Thanks,
Shhhh

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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