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Business checking account

Discussion in 'Starting a Lawn Care Business' started by matt3092, Jul 15, 2011.

  1. matt3092

    matt3092 LawnSite Member
    Messages: 3

    Me and my buddy just started mowing this year. We want to get a business checking account so its easier to keep track of our money but we are not registered as a business. Do you have to be registered to get a business account? I appreciate any info.
  2. vencops

    vencops LawnSite Bronze Member
    from NC
    Messages: 1,537

    You do in my state.

    IRRITECH LawnSite Senior Member
    Messages: 999

  4. matt3092

    matt3092 LawnSite Member
    Messages: 3

    but if we go online and register a business and get a Fed ID # does that mean we will have to pay taxes?

    IRRITECH LawnSite Senior Member
    Messages: 999

    Go talk to the bank, I believe you can open a business account with your SSN. However, that is your credit on the hook at that point.
  6. nepatsfan

    nepatsfan LawnSite Gold Member
    Messages: 3,142

    yeah...you dont want to do that....what a waste of money:hammerhead::hammerhead::hammerhead::hammerhead:
  7. lnplawncare

    lnplawncare LawnSite Member
    Messages: 3

    Just open a free personal checking account and get him a card to access the account as well. That way you both have cards to put gas in your trucks and mowers and other expenses, and you can just withdrawl money and split it to pay yourselves. Just DO NOT wire money to your other personal checking accounts, it is better to withdrawl and then deposit cash. Also, try to keep the account from ever having more than 10,000 in it. Also, try to not do commercial properties as the owner of the property is going to report your service as a business expense when he does his taxes and you may get a letter from the IRS. I did it when I first started out at first they acted like I was doing something illegal but I told them that me and my buddy drag race and we just wanted to start a little "fund" in case we need to buy new parts for our car and to pay for gas and what not and they bought it. Ive never seen a drag race in person yet alone driven a drag racing car and it worked...
  8. Agreen-go

    Agreen-go LawnSite Member
    Messages: 119

    What makes you think you don't need to pay taxes in the first place?
  9. MowHouston

    MowHouston LawnSite Bronze Member
    Messages: 1,012

    You are self-employed and required to pay taxes anyhow. It doesn't matter if you have a personal account or business account.

    Before you get into this any further, you should visit IRS.GOV and read up on what your responsibilities will be.

    If you don't understand your full expenses, which include your taxes, you are going to have a rude awakening in the future.

    Good luck.
  10. Patriot Services

    Patriot Services LawnSite Fanatic
    Messages: 14,360

    By the sound of it I will venture to say your not even 18 yet? If not you will need a parent to open an account for you. Secondly you can't put a business name on personal checking account. At least in Florida they will check you are a registered business prior to allowing you to open a business account.
    Posted via Mobile Device

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