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Payee Name on Check Question

Discussion in 'Business & Tax Advice' started by mmichael, Aug 26, 2011.

  1. mmichael

    mmichael Junior Member

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    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.
     
  2. mmichael

    mmichael Junior Member

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    Found the answer if anyone else needs it - use just file a DBA -- "Doing Business As" set of paperwork in your state.
     
  3. jonnyquest

    jonnyquest Regular Member

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    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