topic 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? in Business & farm

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 — Sat, 01 Jun 2019 04:56:11 GMT

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.

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

MichaelL1 — Sat, 01 Jun 2019 04:56:12 GMT

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.

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

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?

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

topic 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? in Business & farm