We formed an S Corporation and registered 2 businesses under the corporation. We now have 3 checking accounts. I would like to run all the businesses under the corporation and get down to 1 checking account. Is there any advantage to keeping the other accounts?
Country/State/Province of question: California
Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. CPA,PFS,QFP,GMMA.
I assume you keep one set of books?
If you have the two comanies, each operating under different names and tax ids you should keep two accounts.
If one is A and one is B what will happen if the bank account does NOT say B but you pay B?
The IRS will also most likey ask for two bank accounts.
I realize it's simpler for YOU to have one bank account but is it that hard to have 2?
I see you are typing so I'll stay here.
OK. if you have no questions I'll leave you to accept.
We file taxes under the corporation name. We operate 2 retail businesses. I am keeping 3 sets of books and I think it is unnecessary.
three tax id's?
or just 3 business names?
3 business names
what will the checks say?
why have 2 seperate names?
for the 2 business
I was going to show the corporation name and then the other 2 business names. Customers know us under the dba name and not the corp.
then make your life simple. Keep one set of books, one bank account.
The businesses are completely different. One is a video store and the other is a credit card processing company
any reason to even keep the second business name?
That works for me.
at the end of the day same pockets.
Go for it.
That's my CPA recommendation.
If this does not answer your question please let me know. Also let me know if you have additional questions.
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If you have no more questions I'll leave and let you accept.
CPA, PFS, QFP, CGMA