At the beginning of the year I started a business in hopes it would supplement my meager income from music. I registered the business in Washington D.C. (where I live), opened a business checking at a local bank and got to it. I recently took on a pro-bono client for whom I am fabricating a custom vehicle. For perfectly fine reasons I won't get into, the deadline on the project is in 2 weeks. In a moment of hurry the client decided it was best to expedite the project if I had the funds to just run with, rather than getting approval and them handling the money aspect of ordering parts etc. . . So they sent me a check made out to me personally for the full budget, which is more (by just a bit) than I have personally earned in a year, ever, and went to visit family. I realized that it would be best if the check was made out to my business after getting off the phone discussing this development and asked to have it made as such but was too late, the check was in the mail. I have the check and for the sake of the project need to make the funds liquid and get to it.
Things I am aware/uncertain of. The check is for mid $30k If I deposit it into my business checking does the fact it is made out to me personally impact the forms and such that go into the process?
How long is a typical hold on something like this?
Is there anything I need to be very diligent about as I move forward?
How do I make sure this doesn't completely devastate my personal and/or business tax situation?
Am I missing anything?
Thanks!
Submitted April 28, 2018 at 11:04PM by sunrise_review https://ift.tt/2FpCbdG
