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Topic: business and personal accounts (Read 366 times) |
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suegbeloved
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I love candletech.com!
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business and personal accounts
« on: Jul 11th, 2005, 10:54am » |
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I'm going to be getting my dba license this week, and I was curious -- for those of us that won't be selling a lot...do we need to have a separate bank account for our business stuff or can I just use my personal accounts? Any experience w/ this? If so, does it get confusing?
I do have a website and I will be creating a separate paypal account for the business, but not sure about other bank accounts. I'm assuming I can just as easily use my personal account, but I could be wrong 
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EB Candles
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Re: business and personal accounts
« Reply #1 on: Jul 11th, 2005, 11:15am » |
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Its much easier to keep your business and personal accounts seperate. Especially if you should ever get audited 
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http://www.ebcandles.com
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cindym
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Re: business and personal accounts
« Reply #2 on: Jul 11th, 2005, 11:23am » |
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I agree totally with Carmen.
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hollyberry
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Re: business and personal accounts
« Reply #3 on: Jul 11th, 2005, 11:38am » |
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yep keep them seperate... 
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snowcow
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Re: business and personal accounts
« Reply #4 on: Jul 11th, 2005, 11:52am » |
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yup. my candles account is just in my name, not the candle compnay, but i just use it for candle stuff. every now and then, i use my personal to buy something, but not often. i do try to remember to reimburse my regular account for those. it also helps you keep track of how much you are spending and making. not that i do much of either right now, except the spending part!
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Crescent Candles and Crafts
IGI 1343 w/flat ply
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Beth_VT
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Stellaaaaaaa... ..
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Re: business and personal accounts
« Reply #5 on: Jul 11th, 2005, 2:48pm » |
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yes yes yes....the IRS does not like co-mingling of funds as they call it. Keep business seperate from your personal accounts.
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