Receiving money for the corp in a non-corp labelled account?


Joined
Aug 6, 2014
Messages
2
Reaction score
0
I have an account with a company that will pay me commissions when I bring them new clients. They pay me cash into that account. However, that account Is under my personal name and not my corporation.

On a regular basis, I'll have to take the money from this account that receives it and subsequently deposit it into my corporate bank account.

How would I handle the accounting on this?

When I deposit it into the corporate account, what would I label that deposit as?
Because the account is in my personal name, do I have to officially, "sell" ownership of it to my corporation for $1 or something so that the corp. officially owns it? What would the sales note say?

Is this all proper/possible?
 
Ad

Advertisements

Werner Reisacher

VIP Member
Joined
Jun 30, 2017
Messages
234
Reaction score
27
Country
Netherlands
Go back to basics. Who are the partners in the contractual agreement which entitles you to receive a commission? The Accountant of the company that is paying you follows his obligation to pay the commission to the party that has entered a mutually binding agreement with them. If you are doing business in the USA, you will receive at the end of the year a Form 1099. This form is addressed to the party that has received a taxable income under the contract. Once you cleared up this situation, the other issues will fall into place.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top