My B/D 1099s me...you?

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Dec 30, 2006 11:31 pm

Hey guys,


Looking for some direction and experiential input here.  I am getting started indy.  In a phone call to my B/D this week, they said they are REQUIRED by SEC law to pay my PERSONAL checking account and I HAVE to be paid as a 1099 contractor.  I asked because after setting up the corp, I went and got a bank account.  I am paying my expenses out of this account. 


So, what gives?  Is this internal acct just screwed up with his facts?  Cause I keep asking myself how my business will ever make a penny if it is never able to receive income...it would just be a failing business every year, even though I am getting paid personally.


Appreciate your help.

Dec 30, 2006 11:44 pm

That's accurate.  LPL set up a personal brokerage account to deposit my commissions in, and then I have an ACH sweep out to my corporate checking the same day.


I get a personal 1099 that I wash through a schedule C, noting that the income is reported on my S-Corp...it all works just fine...ask your accountant.