Skip navigation
Menu
Search Forums
The Advisor ForumsGeneral

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

or Register to post new content in the forum

2 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Dec 31, 2006 4:31 am

ManDate

Joined: 2006-11-27Offline

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 31, 2006 4:44 am

Indyone

Joined: 2005-05-31Offline

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.