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 Replies: 17 / Views: 2,239 |
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Pillar of the Community
United States
757 Posts |
hello again,
i was wondering how many of you have experience with business accts. in light of recent bank frustrations, I've been considering just getting a business acct in order to order the large quantities of coin that I've been getting before. this way, it seems, at least everyone will be happy. the bank will get their cut. thoughts?
has anyone tried ordering bulk coin with their bus. acct. and if so how much does it seem to run you when you do it?
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Bedrock of the Community
United States
20753 Posts |
Interesting idea. Not sure what kind of buisness you would consider becoming, but that might really work. I wonder if just a buisness card would work at a bank to acquire large bulk quantities of ocins. Using your own computer you could make flyers that advertise a laundromat, for example, and also a few buisness cards. Might want to try that first.  |
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Pillar of the Community
 United States
757 Posts |
hmm...you mean I have to prove to them I'm a business? how about a coin sorting business then?
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Moderator
 United States
16677 Posts |
I would recommend business cards ;-)
I went with Vista Print. They do a nice job or, make your own as Carl stated. There is plenty of software out there.
swcoin.ecrater.com
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Pillar of the Community
United States
592 Posts |
Bank of America charges businesses for large cash deposits of any kind. So in my business if I get a large amount of cash it does not get deposited . Actually to dump searched coin I split it up to different branches & a small local bank that I also use. I do not dump it where I get it from. We also spend it, halfs, small dollars drive some people nuts & others will question whether it is real money. |
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Pillar of the Community
United States
757 Posts |
so vermont, you have actually tried this or is this just an idea of yours?
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Pillar of the Community
United States
2049 Posts |
My bank required proof of registration for a business and most banks would likely do that as well. In order to get an FEIN (Federal Employee ID number) it should be free from the federal government. But you will likely need to register with your state Dept of Financial Institutions as well as the state Dept of Revenue. In Wisconsin, the costs associated with that were $160. On top of that, you will be filing paperwork until your eyes are crossed. Is it really worth it if not running a legit business?
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Pillar of the Community
United States
757 Posts |
i mean, it is a legit business. I'm just the sole proprietor. really, the determining factor here is the cost per box of ordering the coin.
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Pillar of the Community
United States
2049 Posts |
Well as I mentioned, most banks will require a legit business in terms of being fully registered with the federal and state governments, along with the costs associated with getting those registraions done. From there, some state DOR's (Dept of Revenue) may require a monthly submission for sales and use tax. Whatever/however you decide to classify your business and whether it's truly a legit business or not is not what I am getting at. You're asking about the cost per box for ordering coin and I am simply pointing out that there is more to it than simply printing a homemade business card in order to open a business account. I'm trying to make you aware of the direct (registration fees for example) and indirect (time spent filing paperwork) costs that are associated with this.
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Pillar of the Community
United States
757 Posts |
160.00 is kind of a pittance if it all works out. however, what exactly would you have to fill out? you mean there would be paper work for every time you order coin or?
I'm aware of what it takes to create a sole proprietorship, and the paperwork I had to do was very simple and sparse--this probably varies by state. VA doesn't hate business.
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Moderator
United States
16677 Posts |
No, never tried it, just an idea. I do have biz cards so that was just a recommendation.
swcoin.ecrater.com
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Pillar of the Community
United States
2049 Posts |
Wisconsin typically requires a sales/use tax form filled out and submitted monthly. Of course if you're not selling anything, then you wouldn't have any sales tax collected but you're still required to file the form monthly.
Are you looking to buy coins in bulk to fill spots in your collection or to resell (or maybe both)? Anything you resell would have to be reported for income tax purposes.
I guess if you do enough volume to make it worthwhile then the extra expenses and paperwork may be worth it. I honestly cant remember if my bank charges for ordering coins in bulk on a regular basis for a business. I remember seeing something where they charge for change orders though if there are more than a certain number in a calendar month. That would be something to check into as well.
Edited by CoinHunter53562
02/06/2011 4:37 pm
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Pillar of the Community
United States
757 Posts |
interesting. no in va I wouldn't HAVE to file every month, unless the income exceeded a certain amount. it's somewhere around 8,000 but either wai I won't be making that much I'm sure.
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Pillar of the Community
Philippines
1156 Posts |
managing business accounts in banks was so much easier pre-911 Now,over here, banks require current business registration papers, and a lot of traceable documentation before one can even open a business account for international use, that's in foreign currency. and mixing personal and business items together, in same account, usually does not turn out ok- especially in accounting the funds |
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Valued Member
United States
296 Posts |
I don't know for sure, but I was under the impression banks usually charge businesses a fee to handle coin..?
I know TCF bank charges to use the lobby coin counter if you have a business account, while it is free for non business account holders.
I don't know what you have and haven't done so far. But shop around for a more accommodating bank. Find a bank who gets charged a flat fee from their armored delivery service. It doesn't cost them to order additional boxes of coins.
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Pillar of the Community
United States
757 Posts |
so there are in fact banks that have that sort of deal going?
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Replies: 17 / Views: 2,239 |
Posted 02/06/2011 2:57 pm
