Stepstowealth
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October 20, 2023, 10:50:40 PM |
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The issue of holding organization funds by an individual, lets say the treasurer of the organization should be heavily discouraged as most times it does not end well and leads to the funds being utilized or stolen by the person in charge. organizations should plan their startup properly and that includes being properly registered with the government which enables them to open a company account with approved banks.
In the case where it is a personal business, there is also danger mixing up money for business and your personal money because you will easily be able to tamper with the money meant for business in tough situations. Another danger of receiving money meant for business in personal account is that it makes your business look unserious. Imagine sending a personal account with your name to a new client who have just been referred to you for a job. It is not a good image for your business. Every company must have a company account, so the owners are able to differentiate company funds from personal funds.
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poodle63
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October 21, 2023, 12:48:25 AM |
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The issue of holding organization funds by an individual, lets say the treasurer of the organization should be heavily discouraged as most times it does not end well and leads to the funds being utilized or stolen by the person in charge. organizations should plan their startup properly and that includes being properly registered with the government which enables them to open a company account with approved banks.
In the case where it is a personal business, there is also danger mixing up money for business and your personal money because you will easily be able to tamper with the money meant for business in tough situations. Another danger of receiving money meant for business in personal account is that it makes your business look unserious. Imagine sending a personal account with your name to a new client who have just been referred to you for a job. It is not a good image for your business. Every company must have a company account, so the owners are able to differentiate company funds from personal funds. thats true, sometime i get reluctant when a company which supposed to be professional just giving away bank account with personal name its just really unprofessional that its a huge turn off. mainly because we don't know whether we are getting tricked or not, with company name on the bank account we know we are dealing with the right account, officially made for the company itself but with personal bank account seems like massive laziness if its a real company. therefore it does indeed important for having bank account with the company name, so the reputation won't get tarnished for the simplest thing.
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CryptopreneurBrainboss
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October 21, 2023, 09:59:25 AM |
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However, there are slim exceptions whereby the organization are not much financially stable and funds are not readily available to go through the process of company registration and they startup their activities with the motive of doing the needful later as they grow in finance. As a serious company, you shouldn't be using an unregistered company account to hold company funds but In situations like this that's when you know those who have integrity and can be trusted with public funds. Everybody know what they're capable of doing so when you know you can't hold public funds don't accept the responsibility of doing that. You should be able to resist the pressure of using the funds that isn't yours to spend irrespective of where the money is been kept. But since we're all humane and at times the situations we find ourselves make us do things that aren't ethical, having public funds separated from your personal fund is a good strategy because then you won't have access to the money irrespective of what the situation is. People spend public funds mostly when they're in a tight spot and they think they can always replace it but they never do. Finally, Keep the pressure for account rectification on and ensure funds are out of your control as soon as it's done to relieve yourself from the temptations that are associated with being in custody of association funds. I advise you to update your personal records immediately there is a transaction whether debit or credit as you may forget the details sooner or later and put yourself under unnecessary stress. Using a separate accounts gives you the privileges of making that account not accessible to you so the temptations has been eliminated and you won't spoil your reputation. But we should be able to train ourselves to be responsible for our actions, if you can't handle a responsibility don't accept it. I had Bitvest & 777coin campaign funds escrow for more than a year and it never for one day tempted me to make use of the money even when the founder wasn't active on the forum and now the money have been used to relaunch the campaign. If I have tempered with the funds, I won't only lose my reputation but hurt the possibility of been recommended in future for similar business.l, same goes for others so you shouldn't eat public funds, even when the funds are in the same account or wallet as your personal funds but again always separate the funds.
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DrBeer
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October 21, 2023, 11:27:24 AM |
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The issue of holding organization funds by an individual, lets say the treasurer of the organization should be heavily discouraged as most times it does not end well and leads to the funds being utilized or stolen by the person in charge. organizations should plan their startup properly and that includes being properly registered with the government which enables them to open a company account with approved banks. However, there are slim exceptions whereby the organization are not much financially stable and funds are not readily available to go through the process of company registration and they startup their activities with the motive of doing the needful later as they grow in finance. this now leads to the organization funds being held by trusted members for the time being. Another one and the one that prompted me to start this topic gave me a really big challenge and I learnt invaluable lessons from it. It is the issue of holding association funds temporarily pending the rectification of accounts and change of signatories with past leaders whom have relocated from the state. .....
To be honest, I don’t understand the problem at all? Perhaps in your country business is conducted differently, but here, the company has a current account that is assigned to a business entity. There are several keys for electronic digital signatures, for different levels of confirmation, which complicates corrupt and illegal actions with the funds of a law firm. Moreover, many companies maintain additional control over payments, as do banks with accounts of legal entities. And they can, if suspicious payments are detected, pause the transfer of funds and contact the account owner for an explanation. The issue of “frozen” funds is resolved in the same way at the request of business owners, in situations like the one you described. But I have never heard of anyone “withdrawing money, putting it in a suitcase and taking it to a friend for safekeeping.” These are unjustified risks Or do you mean some other situation? Nowdays on which technology and security features then it would really be that so hard to believe that there's really that kind of breach or unauthorize withdrawal of funds if ever a business does have that kind of corporation kind of system or simply that there are a couple of individuals who do own such business.It is really just that normal that whenever that there's funds to be that outgoing then it would really be that impossible that it would really be that allowed or would be approved without others permissions and since to the easy access that we do have today then those things wont really be that so hard to be detected or totally be on point on the time that there's things happening around. This is why it would really be that some sort of mind boggling on how things to be on work specially nowadays that it is really that easy to pass up information and also with having that common sense then business agreements and terms shouldnt really be that allowing those kind of casual withdraws or outgoing transactions without being noticed or being fully allowed. Today there are a huge number of control mechanisms and “improving trust between partners” or company employees. Here’s just an example from personal experience: I have my own business, there are contracts both in Ukraine and outside of it (EU), respectively, there are several accounts (in hryvnia and EURO), there are mandatory payments, there are taxes. It’s clear - I don’t really want to do this, and I don’t really want to do accounting, that’s why I have an accountant ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) She does tax accounting and controls mutual settlements. She prepares all payments in a special application from the bank where I am serviced, and signs with her key. But the accountant's key allows you to sign payments only for certain details (tax payments). But in order for the payment to be processed (the money was sent), I sign with my key (the owner). And no trust/disbelief. Having full access to the account (she needs to see the turnover to calculate taxes), she cannot withdraw money on her own. Moreover, all information about planned payments, their status, account status, etc. information is always at hand in the mobile application, from where I can also sign a payment in a couple of clicks, even while on the road... I think the same solutions can easily be scaled up to larger companies with a large number of payments.
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Jody.Drummer
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October 21, 2023, 12:03:54 PM |
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The issue of holding organization funds by an individual, lets say the treasurer of the organization should be heavily discouraged as most times it does not end well and leads to the funds being utilized or stolen by the person in charge. organizations should plan their startup properly and that includes being properly registered with the government which enables them to open a company account with approved banks.
In the case where it is a personal business, there is also danger mixing up money for business and your personal money because you will easily be able to tamper with the money meant for business in tough situations. Another danger of receiving money meant for business in personal account is that it makes your business look unserious. Imagine sending a personal account with your name to a new client who have just been referred to you for a job. It is not a good image for your business. Every company must have a company account, so the owners are able to differentiate company funds from personal funds. That's right, and that's one of the dangers, like the example you said, we can and even very likely to tamper with the funds in the account, whether it's used for your personal needs or whatever it is, it's very possible and possible, and also definitely between personal money and company money will be mixed, and I'm sure you won't be able to record all expenses in detail, for example how much your personal money goes out and how much company money goes out, even though maybe you have good financial management but still this method is not recommended. We must be able to separate money for business and also money for personal use, because if not then I'm sure you are difficult to become a professional entrepreneur, in terms of separating money alone you can not. Well right, another danger is that you will not get full trust from your prospective clients, as you said, if they give a personal account to one of their clients with the aim of any transaction in the interests of your business then there will definitely be doubts from your prospective clients, whether they are afraid of being cheated or whatever they can feel, the point will appear negative feelings from them. how can a business that is supposed to be professional but in small things like this you just can't. So yes it's better for you to separate it. So yes, it's better to separate it so that your clients can trust you more and your image is maintained.
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wallet4bitcoin
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October 21, 2023, 02:42:25 PM |
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You will need a very good accountant who knows how to get inventive, if you do this. Without one you have a big chance of getting in serious trouble with the IRS. I don’t think it’s worth it to be looking over your shoulder all the time. Peace of mind is priceless, record & pay your taxes properly, it’s the smart thing to do.
That aside, what happens when you spend resources meant for the company as a personal fund, you are not accountable to anyone therefore the tendency to be reckless in finance sets in. Circumpsectly, there is no benefit in combining it, you have everything to loose. There are those who do it, but, I can guarantee you, it is not a template you want to adopt. Once they get caught, the penalties will strip them off everything they have gotten away with over a long period of time, and even more.
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Aanuoluwatofunmi
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October 21, 2023, 03:41:29 PM |
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It is very simple because there won't be accountability and transparency in doing this, why should a person first thought of combining his own personal account with the of the company's if not to engage in some personal agendas, the only way this may be allowed is when it is an unofficial purpose ones account is needed and if you must make provision of one, then it must be the one you have and not using, which means money does not flow into it.
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philipma1957
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'The right to privacy matters'
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October 21, 2023, 03:49:18 PM |
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It is not legal if the business has more people than 1 .
Ie if you are running a small schedule c with sales and buys on ebay. mixing is not a huge issue since it is you and you alone but. you better keep records of every buy and sale you make when you do the schedule c on your tax return.
Once you expand the business you need separate books and you need a business bank account with only business buys and sells. If you dont do it that way you are headed for trouble.
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bayu7adi
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October 21, 2023, 04:43:54 PM |
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I believe that many people have already suggested the idea of maintaining separate accounts and wallets, differentiating personal ownership from business or company assets. In my view, when all financial records are meticulously kept in a journal, and one possesses a strong sense of discipline, it is sufficient to ensure a clear demarcation of the funds allocated to the company and those held in one's personal wallet.
For those with a risky mindset, such as a tendency to use funds held but not owned, it is advisable to avoid taking on the role of treasurer. Organizations or companies certainly do not desire outstanding debts, as they disrupt all pre-established timelines. Any form of financial indebtedness between individuals and the company often culminates in unfavorable outcomes. This is merely a cautionary note for those who struggle with financial discipline in managing company funds.
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AicecreaME
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October 21, 2023, 04:48:28 PM |
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There's nothing wrong with it if you own the company, but it's much better to create another account for the company's fund to track it's earning daily, weekly, or event monthly so you can monitor it if there's something wrong with the funds, etc. There's no valid reason why someone would combine the company's fund to their personal funds since it would just mess everything's up.
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noorman0
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October 21, 2023, 05:02:05 PM |
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For large companies that have tax obligations, perhaps this will not happen. Both companies and individuals will be required to make valid reports about their finances. Moreover, apart from tax matters, is there a businessman who does this stupid thing where the company will also know the economic health of its owner?
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This space for rent. Available in mid January 2024 - PM me
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jaberwock
Legendary
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October 21, 2023, 07:48:58 PM |
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The issue of holding organization funds by an individual, lets say the treasurer of the organization should be heavily discouraged as most times it does not end well and leads to the funds being utilized or stolen by the person in charge. organizations should plan their startup properly and that includes being properly registered with the government which enables them to open a company account with approved banks.
In the case where it is a personal business, there is also danger mixing up money for business and your personal money because you will easily be able to tamper with the money meant for business in tough situations. Another danger of receiving money meant for business in personal account is that it makes your business look unserious. Imagine sending a personal account with your name to a new client who have just been referred to you for a job. It is not a good image for your business. Every company must have a company account, so the owners are able to differentiate company funds from personal funds. thats true, sometime i get reluctant when a company which supposed to be professional just giving away bank account with personal name its just really unprofessional that its a huge turn off. mainly because we don't know whether we are getting tricked or not, with company name on the bank account we know we are dealing with the right account, officially made for the company itself but with personal bank account seems like massive laziness if its a real company. therefore it does indeed important for having bank account with the company name, so the reputation won't get tarnished for the simplest thing. Maybe it was also the owner of the company? But I get you. It's indeed more professional to just use the company name than to a personal name. If you are not comfortable with what you see, maybe it's a good idea to question them? Or you can decide to abandon them before your instincts come to reality and problems are going to be experienced later on. Combining a company fund from a personal fund is just plain bad. Dunno who the fck came up with that idea? Damn. I think it's too shady and there is a clear intention that the person is going to ran away with the company's funds. Good thing there are early signs of knowing this.
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Hamphser
Sr. Member
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Vave.com - Crypto Casino
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October 21, 2023, 08:22:22 PM |
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Today there are a huge number of control mechanisms and “improving trust between partners” or company employees. Here’s just an example from personal experience: I have my own business, there are contracts both in Ukraine and outside of it (EU), respectively, there are several accounts (in hryvnia and EURO), there are mandatory payments, there are taxes. It’s clear - I don’t really want to do this, and I don’t really want to do accounting, that’s why I have an accountant ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) She does tax accounting and controls mutual settlements. She prepares all payments in a special application from the bank where I am serviced, and signs with her key. But the accountant's key allows you to sign payments only for certain details (tax payments). But in order for the payment to be processed (the money was sent), I sign with my key (the owner). And no trust/disbelief. Having full access to the account (she needs to see the turnover to calculate taxes), she cannot withdraw money on her own. Moreover, all information about planned payments, their status, account status, etc. information is always at hand in the mobile application, from where I can also sign a payment in a couple of clicks, even while on the road... I think the same solutions can easily be scaled up to larger companies with a large number of payments. Totally could really be applied with those larger companies on having this kind of set-up where when it comes on making withdrawals then it would really be needing that kind of confirmation with other members or owners specially on a main business account if ever there would really be that withdrawals to be made. It is really just a matter of setting things up well and its true that with the possibilities that could really be applied then security mechanisms or control would really be there.So therefore it wouldn't really be that hard to follow this kind of system on which there's no way that other members or co-owners would really be making some transactions without others been knowing. Having that your own accountant does really give out that comfort an less hassling yourself on making transactions or paperworks but you would really be needing to pay up to someone which its normal but the convenience that it gives then it is really that worth.
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barisbilgili
Sr. Member
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Free Crypto Faucet in Trustdice
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October 22, 2023, 04:49:15 AM |
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I believe that many people have already suggested the idea of maintaining separate accounts and wallets, differentiating personal ownership from business or company assets. In my view, when all financial records are meticulously kept in a journal, and one possesses a strong sense of discipline, it is sufficient to ensure a clear demarcation of the funds allocated to the company and those held in one's personal wallet.
For those with a risky mindset, such as a tendency to use funds held but not owned, it is advisable to avoid taking on the role of treasurer. Organizations or companies certainly do not desire outstanding debts, as they disrupt all pre-established timelines. Any form of financial indebtedness between individuals and the company often culminates in unfavorable outcomes. This is merely a cautionary note for those who struggle with financial discipline in managing company funds.
Indeed, there will be a problem if you only use an account to store company funds and also personal funds. By having careful records and being disciplined, you will not be able to misappropriate funds, but in my opinion this will make the account owner have additional work because he has to separate the funds he owns from the company funds. Yes, it would be better for those who cannot manage their own finances not to be given the position of treasurer because they will definitely use the company money they hold without anyone knowing and this will be very detrimental to the company.
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Arenga pinnata
Sr. Member
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Rollbit.com
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October 22, 2023, 04:58:07 AM |
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Everything should be kept in a separate savings book. Because if not, even if we initially did not intend to use company funds, they could still potentially be used intentionally or unintentionally. And it will make the calculations more complicated. So separating in two different bank accounts would be better. And it will also make it easier to record and calculate. The inflow and outflow are also clearly visible. the accounting process becomes easier. But nowadays people seem to be smart about finances so everyone must take wise steps in finances.
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DrBeer
Legendary
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Payment Gateway Allows Recurring Payments
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 22, 2023, 10:33:40 AM |
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Today there are a huge number of control mechanisms and “improving trust between partners” or company employees. Here’s just an example from personal experience: I have my own business, there are contracts both in Ukraine and outside of it (EU), respectively, there are several accounts (in hryvnia and EURO), there are mandatory payments, there are taxes. It’s clear - I don’t really want to do this, and I don’t really want to do accounting, that’s why I have an accountant ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) She does tax accounting and controls mutual settlements. She prepares all payments in a special application from the bank where I am serviced, and signs with her key. But the accountant's key allows you to sign payments only for certain details (tax payments). But in order for the payment to be processed (the money was sent), I sign with my key (the owner). And no trust/disbelief. Having full access to the account (she needs to see the turnover to calculate taxes), she cannot withdraw money on her own. Moreover, all information about planned payments, their status, account status, etc. information is always at hand in the mobile application, from where I can also sign a payment in a couple of clicks, even while on the road... I think the same solutions can easily be scaled up to larger companies with a large number of payments. Totally could really be applied with those larger companies on having this kind of set-up where when it comes on making withdrawals then it would really be needing that kind of confirmation with other members or owners specially on a main business account if ever there would really be that withdrawals to be made. It is really just a matter of setting things up well and its true that with the possibilities that could really be applied then security mechanisms or control would really be there.So therefore it wouldn't really be that hard to follow this kind of system on which there's no way that other members or co-owners would really be making some transactions without others been knowing. Having that your own accountant does really give out that comfort an less hassling yourself on making transactions or paperworks but you would really be needing to pay up to someone which its normal but the convenience that it gives then it is really that worth. I have what I consider to be two important rules: 1. Always negotiate, sign commitments, even if you are doing business with your father, brother, best friend. Signed commitments introduce more discipline in the relationship between business partners and interrupts all conversations when problems arise and excuses like "well, we are friends/relatives" start. 2. Doing non-core work yourself, only if outsourcing is really costly (money, time), provided you can do it yourself. In all other cases - give the work to others ! They will get money, they will buy and consume, and it is not excluded that you, too. The economy works qualitatively only when everyone gets and spends money. Otherwise, the economy collapses. I can do accounting. But I'm not interested in it, and I don't like it. I am ready to pay a hired accountant who keeps several companies - it is inexpensive for me, but it earns a person who probably has a family and will spend this money, which will directly or indirectly come back to me. Except for weekends - we do not cook breakfast - we go to any of the 5 cafes near our place pr, small, cozy with different cuisine, where our "neighbors" work, we get delicious and varied food, we do not spend time on cooking, we get pleasure. Yes it is a bit more expensive than if we do it ourselves. But in this way I support these private small businesses - for me it is an acceptable cost, plus I get what I want, and at the same time I save time and effort....
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Aanuoluwatofunmi
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 22, 2023, 05:37:54 PM |
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The issue of holding organization funds by an individual, lets say the treasurer of the organization should be heavily discouraged as most times it does not end well and leads to the funds being utilized or stolen by the person in charge. organizations should plan their startup properly and that includes being properly registered with the government which enables them to open a company account with approved banks.
In the case where it is a personal business, there is also danger mixing up money for business and your personal money because you will easily be able to tamper with the money meant for business in tough situations. Another danger of receiving money meant for business in personal account is that it makes your business look unserious. Imagine sending a personal account with your name to a new client who have just been referred to you for a job. It is not a good image for your business. Every company must have a company account, so the owners are able to differentiate company funds from personal funds. Mate, even though it is personal business we are having, we must not mix up funds anyhow we want, business fund is different from funds stipulated for our daily expenses and use, if we try mix them up then we may end up not being accountable to how the business funds is being utilized and along the way it may die because of too much spendings on it, it doesn't even look being professional enough when funds are mixed up.
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erep
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October 22, 2023, 08:51:46 PM |
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Mate, even though it is personal business we are having, we must not mix up funds anyhow we want, business fund is different from funds stipulated for our daily expenses and use, if we try mix them up then we may end up not being accountable to how the business funds is being utilized and along the way it may die because of too much spendings on it, it doesn't even look being professional enough when funds are mixed up.
Every business financial management must be separated from personal accounts, there is no reason to mix business funds because it is now very easy to create accounts online for business needs, we must implement good management for business development, especially with regard to financial management. If we have a small business, we can still consider using funds in one bank account even though it is not recommended, but large businesses are obliged to manage finances specifically for business purposes and even need a financial advisor to manage finances for the business.
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philipma1957
Legendary
Online
Activity: 4242
Merit: 8494
'The right to privacy matters'
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 22, 2023, 10:49:15 PM |
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I formed an LLC I have 1 partner. We have
a separate bank account a separate amazon account a separate credit card
and we file the LLC form as 50-50 partners splitting the income.
It is a lot of paperwork for a small business but it is the right way to do it.
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dansus021
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October 23, 2023, 01:51:52 AM |
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It is very danger ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) I mean who the hell is combining company and personal funds in the same account. I has couple of bank account with different purposes there is for saving there are for daily transaction and many more. The danger would be real if you can't track all the debit or credit for personal use or company use. The accountant should pay double for this hahahah
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