Salons 2nd location......checking account for each location?

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • AZ-Tax
    Senior Member
    • Feb 2008
    • 2604

    #1

    Salons 2nd location......checking account for each location?

    Salon, Sole Proprietor single member LLC, launched 2nd location. Would it make for cleaner books to have each location have their own checking account or basically a sub checking account but both locations/accounts under the one EIN #?
  • ATSMAN
    Senior Member
    • Jul 2013
    • 2415

    #2
    Originally posted by AZ-Tax
    Salon, Sole Proprietor single member LLC, launched 2nd location. Would it make for cleaner books to have each location have their own checking account or basically a sub checking account but both locations/accounts under the one EIN #?
    It is a disregarded entity so sch C and it really does not matter as long as the expenses are combined in the appropriate lines of Sch C.
    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

    Comment

    • AZ-Tax
      Senior Member
      • Feb 2008
      • 2604

      #3
      Yes on filing Sch C but probably S-Corp for tax year 2015

      Originally posted by ATSMAN
      It is a disregarded entity so sch C and it really does not matter as long as the expenses are combined in the appropriate lines of Sch C.
      Yes on filing Sch C and that is what I was thinking but probably S-Corp for tax year 2015. Would that change things?

      Comment

      • Burke
        Senior Member
        • Jan 2008
        • 7068

        #4
        No, unless each location has someone who is authorized to pay expenses from the same bank account. That could be a nightmare.

        Comment

        Working...