[RudeBwoy]

A question to all of you webmasters who run a company.

Would it be sensible for 100% online company to not open a bank account at all but do all of it's transactions via payment processor such as ccbill? Does anyone of you do it that way?

Also, I've noticed they're a popular choice among adult webmasters, so I guess they're good, right?

Thanks & any tips & clues appreciated

[LatinLuvin]

If CCBill can do everything a standard business checking account can do then by all means I'd say use CCBill. If not then get a business account at a bank. It makes accounting a hell of a lot easier then not.

[Tigger]

Originally Posted by RudeBwoy

A question to all of you webmasters who run a company.

Would it be sensible for 100% online company to not open a bank account at all but do all of it's transactions via payment processor such as ccbill? Does anyone of you do it that way?

Also, I've noticed they're a popular choice among adult webmasters, so I guess they're good, right?

Thanks & any tips & clues appreciated

don't keep your eggs in one basket

I use two bank accounts a company one as I trade as a limited company and personal - even if I wasn't trading Ltd I would still have a separate account. I don't know the features CCbill offer but as there mainly a PP not a high street bank I don't see them competing with the services a high street bank offers

[LatinLuvin]

Originally Posted by Tigger

don't keep your eggs in one basket

I use two bank accounts a company one as I trade as a limited company and personal - even if I wasn't trading Ltd I would still have a separate account. I don't know the features CCbill offer but as there mainly a PP not a high street bank I don't see them competing with the services a high street bank offers

My main goal for this year is to form an LLC for my online ventures. It costs $800 here to set up and will cost that every year. A huge cost but I think it's worth it.

[Tigger]

Originally Posted by LatinLuvin

My main goal for this year is to form an LLC for my online ventures. It costs $800 here to set up and will cost that every year. A huge cost but I think it's worth it.

I presume LLC is the same as a Limited company? It cost me $6k to set up but accountancy fees are much higher at $3k per year, but I can offset a lot of expenses against the company such as half the running costs of the house and my car is a company one so 100% deductible

[LatinLuvin]

Originally Posted by Tigger

I presume LLC is the same as a Limited company? It cost me $6k to set up but accountancy fees are much higher at $3k per year, but I can offset a lot of expenses against the company such as half the running costs of the house and my car is a company one so 100% deductible

Yeah they're basically the same thing, just Americanized. The deductions definitely help. Im going to try to handle all the taxes and accounting myself. I assume there is software to make it easier. Right now I use Excel spreadsheets to track all expenditures.

[Tigger]

Originally Posted by LatinLuvin

Yeah they're basically the same thing, just Americanized. The deductions definitely help. Im going to try to handle all the taxes and accounting myself. I assume there is software to make it easier. Right now I use Excel spreadsheets to track all expenditures.

A good accountant can save you his fees with tax deductions a year, plus company accountants will get far less attention and less of a chance of being audited if submitted by an account. The last thing you want is the taxman looking over your bank accounts, after all none of us put everything through the books ....its money well spent LL and a no brainer for me

[LatinLuvin]

Originally Posted by Tigger

A good accountant can save you his fees with tax deductions a year, plus company accountants will get far less attention and less of a chance of being audited if submitted by an account. The last thing you want is the taxman looking over your bank accounts, after all none of us put everything through the books ....its money well spent LL and a no brainer for me

Perhaps you're right. I just hope I can cover all these new expenses with forming my LLC. My sales are going higher but not THAT high. At least not yet. But it is a goal for this year.

[Tigger]

what you can claim back makes it worthwhile - I put a new log burner in the house last month 4k.......but the invoice showed it was for the office so the company bought it

[Gaystoryman]

Originally Posted by RudeBwoy

A question to all of you webmasters who run a company.

Would it be sensible for 100% online company to not open a bank account at all but do all of it's transactions via payment processor such as ccbill? Does anyone of you do it that way?

Also, I've noticed they're a popular choice among adult webmasters, so I guess they're good, right?

Thanks & any tips & clues appreciated

Get a bank account. ccBill just does the processing, you still need someplace to cash any cheques, receive any wires. Makes sense to have a bank do it, so you can claim expenses, even if it is simply a separate personal account. Taxes are still payable on that money, why risk any IRS headaches?

my 2 cents,