Results 1 to 5 of 5
  1. #1
    ABW Ambassador meleemel's Avatar
    Join Date
    January 18th, 2005
    Location
    North Carolina, USA
    Posts
    530
    Question Banking Account Question
    I am an Individual/ Sole Prop. (they are the same?). I don't make the big bucks, but would like a separate account for my affiliate business. Is it ok to just open an normal individual account versus a business account? Are they ever looked at differently? Any help or advice is appreciated!
    Mel

  2. #2
    Affiliate Miester my2cents's Avatar
    Join Date
    January 18th, 2005
    Location
    far far away....
    Posts
    2,161
    no, the new banking laws require you to have all names you use on your checking account inorder to cash/deposit your payments whether they be checks, ACH, electronic trasfers or anything else...

    at the min you need an account with your name and your DBA name... usually this is a business account...

    The reasoning for this is to have a "paper" trail on all money moving around in the banking system...

    What it really is one more intrusion into our privacy... mascarading as home land security!

    One more assualt on our freedom thanks OBM!
    ++++++++++++++++++++++++++++++++++++++++++
    that's my2cents, 'cuz I'm a legend in my own mind....

  3. #3
    Affiliate/AM Moonlighter dflsports's Avatar
    Join Date
    January 17th, 2005
    Posts
    874
    Even if your not making the big bucks you can go and get a DBA (doing business as). Check your county government on who issues them. Usually only costs $30 or so. Then you can go to the bank and open a business account. All the bank expenses and DBA expenses are tax deductible.

  4. #4
    Full Member Gjenvick-Gjønvik's Avatar
    Join Date
    January 18th, 2005
    Location
    Atlanta
    Posts
    229
    If you only use your own name for business purposes - i.e. receieve all affiliate checks in your name only - not in the name of your website or DBA, there probably is nothing to prevent you from opening an account in your name and use it only for affiliate marketing activity to deposit your commission checks.

    As always, you should consult a CPA for professional advice based on your specifics. The specific entity setups used by affiliate marketers will run the entire spectrum of possiblities. Chances are the state we live in, how we set up our affilate relationships with networks, etc. and the intpretation of whether an affiliate marketer can be an individual making non-employee commissions or a business involved in marketing generating revenues can best be handled by a financial professional (or tax attorney) intimate with your situation.

  5. #5
    ABW Ambassador meleemel's Avatar
    Join Date
    January 18th, 2005
    Location
    North Carolina, USA
    Posts
    530
    Thank you all for your replies. I went ahead and opened an account in my name. I will look further into talking to a CPA! Thanks again!
    Mel

  6. Newsletter Signup

+ Reply to Thread

Similar Threads

  1. Google Account Question
    By Vrindavan in forum Google Affiliate Network - GAN
    Replies: 14
    Last Post: July 3rd, 2010, 10:50 AM
  2. Account set up question
    By Aphiliac in forum ShareASale - SAS
    Replies: 2
    Last Post: August 1st, 2009, 03:04 PM
  3. ABW Account Question
    By silvias in forum Virtual Family and Off-Topic
    Replies: 13
    Last Post: November 3rd, 2008, 10:11 AM
  4. Question on opening international banking account in US
    By elalpo in forum UK/European Affiliates
    Replies: 7
    Last Post: April 24th, 2008, 10:28 PM
  5. Another Merchant Account Question...
    By TH Media in forum Starting an Affiliate Program & Merchant Q&A
    Replies: 5
    Last Post: June 19th, 2002, 06:18 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •