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jiayi Veteran user Canada 313 Posts |
Fellow the full time self-employed magicians, do you use a business account for your your cheque deposits? or do you just state "please make all cheques payable to (your name) "?
If you already uses a business account, does it help your business(look more professional)? |
magicofCurtis Inner circle Los Angeles 2545 Posts |
I use a business account...
Curtis Lovell II
http://www.CurtisLovell.com http://www.MagicofCurtis.com www.facebook.com/curtislovellii Los Angeles, California - U.S.A. |
Lyndel Inner circle wrote the theme to the TV show COPS! 1623 Posts |
Business account! Just more professional in my opinion. It legitimizes you as a business.
Lyndel |
leapinglizards Inner circle 1263 Posts |
Yes, and usually preferred from an IRS point of view. If you don't have a business account, at LEAST have a seperate account that you ONLY use for business deposits and expenses.
Leaping Lizards!!! Who knew it was possible.
<BR> <BR>www.LeapingLizardsMagic.com |
sethb Inner circle The Jersey Shore 2719 Posts |
A separate checking account makes your accounting a whole lot easier and neater, because it keeps your business bills separate from your personal ones.
Other than the small cost of having another set of checks printed, there are no other expenses (assuming you can get a no-fee checking account), so it's a very worthwhile idea. It not only looks more professional, it is more professional. SETH
"Watch the Professor!!" -- Al Flosso (1895-1976)
"The better you are, the closer they watch" -- Darwin Ortiz, STRONG MAGIC |
Bradley Roberts Elite user Las Vegas 413 Posts |
I use a business account myself. You are in business why now
Cheers, B-Rad
B-Rad "The Kids Magician"
Brad Kids Magic Website "A child's smile is one of life's greatest blessings." |
Donald Dunphy Inner circle Victoria, BC, Canada 7563 Posts |
Another reason for having a business account & registered business name, is that some businesses (aka customers) have a policy of not making cheques out to individual's names.
For example, I've run into a few schools with this policy over the years. - Donald
Donald Dunphy is a Victoria Magician, British Columbia, Canada.
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rossmacrae Inner circle Arlington, Virginia 2475 Posts |
Quote:
On 2008-09-08 10:05, jiayi wrote: The idea isn't to "look more professional." The idea is that segregating your personal funds from your business funds is a basic principle of good accounting and good tax reporting, and it REALLY helps keep things much simpler when doing your business planning. And if you ever get audited, it can save your skin. Do it the right way and save grief later. |
Bill Nuvo Inner circle 3094 Posts or 2742 Posts |
Business account. With my business called Nuvo Entertainment, people would actually rarely read the print that says "please make cheques payable to". They just automatically write it out to the company name.
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Carducci Special user Denver 543 Posts |
If you are using a stage name, it's a good idea to register that as a D.B.A. and have an account that recognizes that name.
In either case, you really want a separate account for your business, as others have pointed out, it will make your life much simpler. |
Gordon Special user Chicago 692 Posts |
Finding a bank that will provide a business account with heavy fees is a challenge. Any recommendations?
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rossmacrae Inner circle Arlington, Virginia 2475 Posts |
Look for a smaller bank in your area - they're there.
Mine, for instance, is at a small (but well-rated) tiny area bank that has not been absorbed by the big national names, and is doing far too well by itself to be in any danger of merging. They not only want my (very small) action, but 20 years ago when I started, the CEO himself took a half-hour with me to explain the "for dummies" version of how to take care of my credit-card merchant account. Gotta respect that! Ask your fellow small-businessmen where they bank, ask your local newspaper what is the best-rated small bank in your area. |
toomuchmagic Special user 534 Posts |
We use Webster Bank.
We have a Small Business Account, and I do not believe we pay any fees at all. |
sethb Inner circle The Jersey Shore 2719 Posts |
Quote:
On 2008-09-08 19:43, Carducci wrote: If you are using a stage name, it's a good idea to register that as a D.B.A. and have an account that recognizes that name. Carducci is right about this, too. In many states, if you are doing business under another name, you are supposed to file a "doing business as" form with the county clerk, so that the public has notice of who is actually running "Acme Magic Shows" or "The Great Foodini." In New Jersey the filing fee is around $50. But I don't believe such a filing actually conveys any rights to the name, for that you probably need to get a trademark or something. SETH
"Watch the Professor!!" -- Al Flosso (1895-1976)
"The better you are, the closer they watch" -- Darwin Ortiz, STRONG MAGIC |
rossmacrae Inner circle Arlington, Virginia 2475 Posts |
In my area (Arlington VA) you stop by the friendly County Clerk's office - I'm lucky to live in an area where the local personnel are so welcoming - and they walk you right through the $25 + $10-to-get-someone-upstairs-to-notarize procedure.
A DBA basically gives you the right to use the assumed name of your choice in conducting business. You must be able to swear that you aren't claiming a name that belongs to someone else, and as I recall they check to see if the same name has already been registered. It also lets you prevent anyone else from claiming that name later (unless you shouldn't have assumed you had a right to it). Your own personal name is, of course, yours automatically. So I registered: Blue Ridge Entertainment Blue Ridge Online Sales Ross MacRae (no it's not my birth name, which I always found lumpy and inelegant) I was asked by the Yellow Pages (a once-essential form of banditry disguised as advertising) to supply a DBA for every way I was listed. So I had to add: Clowns and Magicians Magicians and Clowns Because I believed then, as I do now, that it made for a better Yellow Pages listing. Aside from that one demand by the phonebook, no one has ever asked me to prove I had a right to use what they call a "trade style", but I feel much better knowing I won't see someone with the same business name selling porn downtown. |
nucinud Inner circle New York, New York 1298 Posts |
Quote:
On 2008-09-08 22:33, Gordon wrote: I use WaMu, it is Free!
"We are what we pretend to be" Kurt Vonnegut, jr.
Now U C It Now U Don't Harry Mandel www.mandelmagic.com |
Alikzam Elite user 434 Posts |
WooHoo! WaMu!
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