How is Your Business Organized?

[hardworker]

How is your business organized? In other words, do you have an LLC, a checking accnt. w/ a dba, sole proprietorship, ect. ? Do all your commissions just get deposited into your personal checking account or do you have a separate business checking account and pay yourself out of that?

 

[John Galt]

How is your business organized? In other words, do you have an LLC, a checking accnt. w/ a dba, sole proprietorship, ect. ? Do all your commissions just get deposited into your personal checking account or do you have a separate business checking account and pay yourself out of that?

LLC, no dba, all deposits go into the LLC checking account, LLC all profits and losses pass through to the owner.

 

[Gooner]

LLC, no dba, all deposits go into the LLC checking account, LLC all profits and losses pass through to the owner.

Mostly losses in your case...tax refund...what, what

 

[WholeLife]

How is your business organized? In other words, do you have an LLC, a checking accnt. w/ a dba, sole proprietorship, ect. ? Do all your commissions just get deposited into your personal checking account or do you have a separate business checking account and pay yourself out of that?

Run it like a business or, in my opinion you could be setting yourself up for a fall. I use a separate account for commission income and business expenses. I have a second account set up as a reserve for taxes and possible charge backs. I put 25% of all income in the reserve account. I pay myself from the business account as it allows. If you mix everything into your personal account, it's hard to really ever know if you are making money or losing money.

 

[jdeasy]

How is your business organized? In other words, do you have an LLC, a checking accnt. w/ a dba, sole proprietorship, ect. ? Do all your commissions just get deposited into your personal checking account or do you have a separate business checking account and pay yourself out of that?

I have a personal chacking account. All my deposits go into it. All my bills are paid from that account.

When the money in the checking account gets to higher level that I like to have in that account I transfer some into a savings account.

That'a about as organized as it gets for me.

 

[HoosierLife]

^^^ Yeah thats about what I do. I have a checking account that all commissions come into. All business expenses come out of that account.

I pay myself a meager salary each week. That gets transferred to the joint checking account with my wife for paying for normal stuff.

I deposit 20% of what I make into a savings account to pay for taxes at the end of the year if I need them. I pay my taxes quarterly. I actually overpaid by a little this year.