I opened an acct to handle money for my daughter's team. Bank made it a sole prop but it strictly collected fees & paid team expenses. Do I have to file as a business?

[kalmom77]

the money in this account is strictly collected & used for team expenses so I don't know if I really need to file as a business.  The bank didn't know what to tell me when I opened the account and asked this question.

[MichaelL1 · Accepted solution]

No, you do not need to file this as business.

A business is established to make money and is operated that way.  You are taking in money for a group to pay the costs incurred by the group.  There is no profit motive or intent.