Checking account

Questions on funding your team

Moderator: Team

Post Reply
nuttyprofsr
New Member
New Member
Posts: 1
Joined: Fri Aug 15, 2008 8:13 am

Checking account

Post by nuttyprofsr » Fri Aug 15, 2008 8:22 am

Phil mentioned in his program about having a checking account but he didn't mention if he used a business license. Won't you need to get a business license for your team if you open a business checking account. I'll be using my race team name for advertisers so most likely they will want to cut you a check or deposit a check into your racing business account made out to your business name.

xenginebuilder
Expert
Expert
Posts: 524
Joined: Sat Aug 18, 2007 8:57 pm
Location: MN, USA

Re: Checking account

Post by xenginebuilder » Fri Aug 15, 2008 8:33 am

Might depend on the state you're in, but I never had any problem setting up a "business" checking account without a business license. Just a clean way of handling your income if any, against your "business" expenses, completely separate from your personal accounts. Makes your accountant much happier at tax time.
If you lend someone $20.00 and never see that person again, it was probably worth it.

Phil Veldheer Racing
Author & Show Guest
Author & Show Guest
Posts: 32
Joined: Thu May 01, 2003 2:34 pm
Location: Holland, Michigan

Post by Phil Veldheer Racing » Sun Aug 17, 2008 8:20 pm

Dear Nutty--I do not have a business license as my TAX MAN says it would be a head ache...I have enough head aches....He says keep track of everything and I pay quarterly rather than monthly....I live in the great state of MICHIGAN and thats how I do it. My checking accoung for racing is a personal account, not a business account, exept for the fact my checks are printed with PHIL VELDHEER RACING as the heading.

I get A LOT of checks every year and they are all made out to PHIL VELDHEER RACING.

Here it is- Mid August and I already have OVER HALF OF MY ADVERTISERS COMMITED TO THE 2009 Racing season, how about YOU?

www.race4free.com
Phil Veldheer
78 Cutlass S/Pro
87 442 S/Pro
87 442 S/Pro
69 Camaro F/CM -IHRA WORLD RECORD HOLDER
97 Firebird B/SA
99 Z-28 10.5 tire

MaxFlow
Expert
Expert
Posts: 801
Joined: Mon Jan 08, 2007 9:47 pm
Location: WV

Post by MaxFlow » Mon Mar 16, 2009 6:40 pm

If you get a business license you will be mailed the normal mailings like sales tax coupons and the like. You MUST send them in even if they only have zero's on them. Most banks will open a business account without the license but some won't. Just open another one up personally and use that and most places will want the tax id number to put on their 1099. Just use your social. Technically you do need to register with state and federal to be totally legal.
Joe Stalnaker
WV

money4speed
New Member
New Member
Posts: 7
Joined: Tue Aug 10, 2010 8:54 am
Location: Wisconsin
Contact:

Re: Checking account

Post by money4speed » Thu Aug 12, 2010 2:56 pm

Some great information... keeping your racing monies seperate from your personal money will also help you from going Racing Broke... If there is no money in the check book, it will tell you your not doing your homework for sponsorships.
Image

Post Reply