Setting up an account for your team?

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A.N.C.
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Setting up an account for your team?

Postby A.N.C. » Mon Mar 23, 2015 12:29 am

Do you have an account set up for your team for sponsorship checks?
If so how do you go about setting one up? I was told to get a TAX ID number? How hard is that process
Any advice will help. :deadhorse:
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Swamp Donkeyz BBQ
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Re: Setting up an account for your team?

Postby Swamp Donkeyz BBQ » Mon Mar 23, 2015 2:15 pm

I don't have a tax ID number. I just use a DBA. I don't make a profit from cook offs, and that's the only thing that account is used for.
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Re: Setting up an account for your team?

Postby A.N.C. » Mon Mar 23, 2015 4:20 pm

What's a DBA and is it a account with the team name where you can cash you your checks at? I don't make profit either unless I win of course
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Re: Setting up an account for your team?

Postby Swamp Donkeyz BBQ » Mon Mar 23, 2015 8:03 pm

Doing Business As. The account reads "Stacy Lawler DBA Swamp Donkeyz BBQ". I've had it for around 5 years and have never had any issues.
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Re: Setting up an account for your team?

Postby jtilk » Wed Apr 08, 2015 10:11 pm

Not sure how big your account will be, just keep in mind any thing put into it there will be a record of. Therefore someone will have to pay taxes on it as well.
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Re: Setting up an account for your team?

Postby Gator » Thu Apr 09, 2015 5:36 am

Dont get a tax id number, if you do - you have to report taxes quarterly even if you had 0 activity.

Do it shoe box style, IMO, to get started.

If you HAVE to get a checking account with your team name on it - the bank will most likely require a DBA which you can easily get at you local county courthouse. Its basically just a legal statement that person X is representing themselves as XYZ. AKA Doing Business As.
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Re: Setting up an account for your team?

Postby All_Grilla_No_Filla » Thu Apr 09, 2015 10:07 am

Gator wrote:Dont get a tax id number, if you do - you have to report taxes quarterly even if you had 0 activity.

Do it shoe box style, IMO, to get started.

If you HAVE to get a checking account with your team name on it - the bank will most likely require a DBA which you can easily get at you local county courthouse. Its basically just a legal statement that person X is representing themselves as XYZ. AKA Doing Business As.



What he said ^^^^

Setting it up as a business adds a complexity to the mix that may or may not be worth it, or even in your best interest. You'd be well served to go pay an hour's time to a business attorney, CPA, or both, to see if it's in your best interest; and if so, what are the necessary steps to take. This is one aspect that can be incredibly costly if you get it wrong. Just my opinion, but it's based on personal experience :mrgreen:

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