 | View Full Version : partners and money neonlexx 08-22-2002, 10:27 PM If you had a company split between two people with one merchant account. How could you split the money in half into each persons bank account. I have seen some banks that offer a type of pay-roll or paycheck service. Anyone have experience in this and have a solution? Thanks CDHost 08-22-2002, 11:03 PM It would be best to have all business monies deposit into a business account, out of which you would each receive a check after all bills had been paid. You are bound to have some cancellations, refunds, chargebacks, monthly fees, etc. You wouldn't want to have to pull that money back out of your personal accounts... neonlexx 08-22-2002, 11:33 PM How would we each receive a check? Would this be automated via the bank? joshp 08-22-2002, 11:47 PM you'd write one for you and one for your partner out of the business account. tazd9t9 08-23-2002, 06:06 AM As mentioned i would say get the business account, receive all the money in there and then split it after bills. Maybe agree to keep a certain amount in there to cover and chargebacks, that is presuming you are running the business in the way you get all the profits as opposed to an official salary netdude 08-23-2002, 06:25 AM yeah, could make it so any checks written need both signatures as well :) eddy2099 08-23-2002, 08:42 AM Pay each partners as salary. JayC 08-23-2002, 11:01 AM Originally posted by neonlexx How would we each receive a check? Would this be automated via the bank? It could be. If the bank offers online banking that includes "bill paying," you could set both partners up as vendors and either have a payment made for some set amount to each of them monthly, or go online each month and specify the amount. |