Background:
I have a situation where an affiliate program will make the check out to ...
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Payee Name on Check Question
Background:
I have a situation where an affiliate program will make the check out to the name of the company that I give them, which up until this point I have not registered as an LLC.
The check lists my personal name and address in the bottom left section, so my bank has had no problem cashing the check.
Question:
I want to setup additional affiliate accounts with them under other corporate names that I will register as LLCs. I will legitimately complete I-9 tax info for my partners and their info will be listed at the bottom of the checks.
If I setup a corporate bank account under the name of an LLC -- will only the person whose name is listed at the bottom be able to deposit it?
I'd like to handle all of the banking myself as partners are in many different physical locations.
Any recommendations on banks? In person or online?
Thanks so much.
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Re: Payee Name on Check Question
Found the answer if anyone else needs it - use just file a DBA -- "Doing Business As" set of paperwork in your state.
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Re: Payee Name on Check Question
Frankly the bank doesn't give a crap who deposits the checks. As long as the Payee's name matches the account. In fact you don't even need to endorse it except for
DEPOSIT ONLY
ACCT # XXXXXXXXXXXXXXXX
An LLC protects ones personal assets and is a good move if you can afford the registration fees etc
JQ
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