Skip to content
GeoDataVision
Learn More - Click Here!

Thread Options
#359854 - 05/16/05 06:12 PM Checks Payable to Sole Proprietorship
complyguy Offline
Gold Star
complyguy
Joined: May 2001
Posts: 494
PA
If a check is payable to, for example, Joe Green Excavating, must the check be deposited into a business account of the same name, or may it be deposited into Joe Green's personal account? What about cashing the check?
We're aware of the possible IRS issues for not correctly accounting for income.

I'd really appreciate responses based on: 1) your understanding of what PA law states; and 2) what your bank does. Thanks!

Return to Top
#359855 - 05/24/05 04:56 PM Re: Checks Payable to Sole Proprietorship
Anonymous
Unregistered

We stress to our branches that the check must be deposited to the business account. In this manner, we are covered in making sure the check is deposited as endorsed and cannot be returned for a missing endorsement.
As far as cashing, we do not cash checks payable to a business, whether or not it is a sole proprietor. We give the customer the option to deposit the check, then write a check from the business.

Return to Top