> I suppose you could accept payments into a personal bank account and incorporate later, but most tax authorities would frown heavily on that.
In my country many online retailers accept payments on personal bank accounts, but being a total novice to receive payments i have some questions : is there an amount of monthly flow of money where tax authorities start checking your transactions in your bank account? also, how is the process? does your bank notify your government that you are receiving an extra-ordinary amount of money?
In the US -- there is no "minimum amount when authorities check bank accounts" -- they can't legally do that. You are required to report all income to the IRS regardless of source and it's generally not a good idea to mix personal and business accounts. An LLC, EIN and bank account take about 1 hours worth of paperwork and you're generally set to start exploring the business side of an idea.
Comments
> I suppose you could accept payments into a personal bank account and incorporate later, but most tax authorities would frown heavily on that.
In my country many online retailers accept payments on personal bank accounts, but being a total novice to receive payments i have some questions : is there an amount of monthly flow of money where tax authorities start checking your transactions in your bank account? also, how is the process? does your bank notify your government that you are receiving an extra-ordinary amount of money?
In the US -- there is no "minimum amount when authorities check bank accounts" -- they can't legally do that. You are required to report all income to the IRS regardless of source and it's generally not a good idea to mix personal and business accounts. An LLC, EIN and bank account take about 1 hours worth of paperwork and you're generally set to start exploring the business side of an idea.