Posted by Iris/MD on 5/6/07 3:05pm
Msg #189090

Receiving Payments as a Business vs Personal Name

I'm a new Notary and have recently received my EIN. I'd like some advice about receiving payments in my legal name vs. using a business name? I'm still looking for a lawyer that works on Notary issues.

Reply by Roger_OH on 5/6/07 3:45pm
Msg #189094

Assuming you're a sole proprietor and have registered your business name with your state,
I'd think you could open a bank account under your EIN using, for example, Iris Doe dba Notary Services Company and accept payments either way.

Reply by BrendaTx on 5/6/07 4:47pm
Msg #189106

My bank just asked me to bring them a copy of my D/B/A which was filed in the county recorder's office. After that it didn't matter how the check was made out they didn't have a problem depositing it into my account as long as it was close to my company name of TexNotary.

Once I got a check paid to "Texas Notary" and they took it...same for Texanotary, same for txnotary.

Reply by Loretta Reed on 5/6/07 7:24pm
Msg #189129

I got my EIN and went to the State of Maryland and searched for a company name. I am Prosperity Abstracting, LLC. I took my paper from the state to my bank with my EIN number and opened up an account and put my husband and myself on the account.

Did you think that the test was hard for your title producers license? How did you do?

Reply by WDMD on 5/6/07 8:00pm
Msg #189131

"Did you think that the test was hard for your title producers license? How did you do? "

Very clever Loretta, LOL.

Reply by BrendaTx on 5/6/07 8:04pm
Msg #189133

Ditto, Loretta. I caught that too. n/m

Reply by Loretta Reed on 5/7/07 6:34am
Msg #189158

I know, I know, I am a clever little bugger, aren't I?

I still want to know what they thought of the test.

Reply by Tess on 5/6/07 8:12pm
Msg #189135

One thing to be aware of, company checks cannot be cashed, they have to be deposited.

Reply by TXNotary on 5/6/07 8:14pm
Msg #189136

My business has my last name included in it so I did not have to show my D/B/A and I was able to open my business account over the telephone.

Reply by Gary_CA on 5/7/07 10:28am
Msg #189181

Somebody at your bank's in deep yogurt...

I don't doubt you might have opened an account over the phone if you're established at a friendly bank... but of course the whole patriot act thing isn't just for mortgages and can't be done over the phone.

Hmmm....

Reply by NCLisa on 5/6/07 8:16pm
Msg #189138

I have "For Deposit Only" stamp for my checks and it has both my name and my business name on it along with the account number. My bank has never asked me for anything.