Troupe bank accounts

Roy Janik · Post by **Roy Janik** » December 7th, 2007, 4:08 pm

Hey, is your troupe a legal entity? Do you have a bank account? If so, how'd you do it?

Mo Daviau · Post by **Mo Daviau** » December 7th, 2007, 4:34 pm

1) Went to county clerk's office, filed a DBA.
2) Took DBA to bank. Opened "free business checking" account (WaMu is our bank). Deposited money. Ordered "business checks."
3) Whoever takes ownership of the DBA has to file a Schedule C for their PERSONAL income tax return. I have not so far paid any taxes because GGG either breaks even or loses money every year. This year might be different for us, though.

There might also be a way to count it as "hobby tax," though I would have to sit down with an accountant and figure that out.

Jeff · Post by **Jeff** » December 7th, 2007, 5:14 pm

Boy, that sounds complicated, Mo.

scook · Post by **scook** » December 9th, 2007, 2:19 am

If you ever have plans of going to Britain, Bank of America is associated with Barclay's (the largest UK bank). Which means no ATM fees. I guess that might not even matter, but personally, it totally comes in handy if you're ever in the UK. Barclay's are everywhere. Even in Wales.

This is just a general note and actually doesn't have anything to do with your question...sorry...

beardedlamb · Post by **beardedlamb** » December 9th, 2007, 4:49 am

Mo Daviau wrote:1) Went to county clerk's office, filed a DBA.
2) Took DBA to bank. Opened "free business checking" account (WaMu is our bank). Deposited money. Ordered "business checks."
3) Whoever takes ownership of the DBA has to file a Schedule C for their PERSONAL income tax return. I have not so far paid any taxes because GGG either breaks even or loses money every year. This year might be different for us, though.

i concur. it's way easier than it sounds. it just takes patience.

Jeff · Post by **Jeff** » December 9th, 2007, 5:02 am

beardedlamb wrote:
Mo Daviau wrote:1) Went to county clerk's office, filed a DBA.
2) Took DBA to bank. Opened "free business checking" account (WaMu is our bank). Deposited money. Ordered "business checks."
3) Whoever takes ownership of the DBA has to file a Schedule C for their PERSONAL income tax return. I have not so far paid any taxes because GGG either breaks even or loses money every year. This year might be different for us, though.
i concur. it's way easier than it sounds. it just takes patience.

Jeremy, it's 3am, go to bed. It's 5am here, so I'm actually telling that to myself.

Jessica · Post by **Jessica** » December 9th, 2007, 9:35 am

Jeff, you wouldn't go out to have beer with us because you were "too tired" then you stayed up till 5 am. What gives?

Roy Janik · Post by **Roy Janik** » December 13th, 2007, 4:04 pm

does one need a tax id or anything?

Mo Daviau · Post by **Mo Daviau** » December 13th, 2007, 4:08 pm

Your tax ID is the social security number of the person who owns the DBA. I think you can request a unique number if you prefer, though.

madeline · Post by **madeline** » December 13th, 2007, 4:59 pm

You can apply for a Tax ID (aka EID aka Employer ID #) online for free here:
http://www.irs.gov/businesses/small/art ... 67,00.html

madeline · Post by **madeline** » December 13th, 2007, 4:59 pm

But get your DBA first, because it asks for your DBA on the EID application.

madeline · Post by **madeline** » December 13th, 2007, 5:01 pm

DBA info in Travis County:
http://www.co.travis.tx.us/county_clerk/dba.asp

Roy Janik · Post by **Roy Janik** » December 13th, 2007, 6:23 pm

I did it all today.

Went and got the DBA (16 bucks, which included the notarizing fee)
Applied for an EID (free, online, and optional if you're a sole proprietorship)
Opened up a free business checking account at Washington Mutual (across the street from the Hideout). No fees, but $100 opening deposit required.

It was surprisingly easy to do everything.

beardedlamb · Post by **beardedlamb** » December 13th, 2007, 7:44 pm

roy, you're now a small business owner.

Roy Janik · Post by **Roy Janik** » December 14th, 2007, 1:48 am

now I'm scared.