vania-janet/multiturn-rag-retrieval-data huggingface dataset:
Regardless of UK Money Laundering Laws - All companies have a responsibility under the Data Protection Act to ensure that all data kept is necessary and accurate - and so they can actually ask you to send up-to-date information* in any time period that they deem reasonable to ensure they are compliant with the act. That being said, most payment systems these days are automated and use algorithms to try and find suspicious activity. Using multiple accounts will definitely be a red flag here, unfortunately, the advice to use your previous account will just be seen as yet another account switch by these algorithms and will probably look even more suspicious. The main thing to remember is that ultimately these acts and regulations are there to protect you and your investment, so unless you have any suspicious that you're being asked for documents by a company or individual that you don't trust I would simply send them on and let them do their job. As a side note - make sure you send anything of that nature in a recorded delivery so that you know exactly who handled it and when! * So long as the information is necessary.
Lenders want to judge the stability of the stated income. Because your are new to being self-employed they are concerned about your viability. It may be possible to find another lender who will consider a shorter term of business, but it looks like the lender wants 24 months of business. You should start with your current bank/credit Union, and if they say no ask what more info you need to provide.
"You probably know that the answer is, ""it depends"".  If this is truly a pin money type of operation, then perhaps sole trader is for you. I incline to using a limited company for two reasons, one optimistic and one pessimistic.  You are looking at a business to make some money with your talents.  If your business takes off, it's much easier to expand a LTD than a sole trader. Getting credit, dealing with suppliers, hiring people, all much easier.  And if things go well, you will be expanding.   The negative reason is that as a sole trader  (you) have unlimited liability for the debts of your enterprise. If you get sued, say your skincare line makes someone's face into a rash, you are on the hook for the whole amount. You don't want to torpedo your family if it goes bad. Being a limited company protects you from that. I can tell you that the overhead of running a small LTD is pretty light so long as you are meticulous about your record keeping. I had an LTD with two toddlers under my feet and it was perfectly doable to handle the paperwork."
Answering for US tax only: The bank account makes absolutely zero difference.  If you are not a US national and not resident in the US, but earn income from a US employer/client/customer, generally that income is not subject to US tax (no matter where it is banked). However there are (complicated) exceptions, particularly if you are considered to be operating a 'trade or business' in the US or US real estate is involved. Start at https://www.irs.gov/individuals/international-taxpayers/nonresident-aliens and proceed through pub 519 if you have time to spend. I do not know (or answer) about Argentinian taxes. Whether you can find a US bank that wants to open and maintain an account for a foreigner (which is extra paperwork and regulation for them) is a different Q, that is already asked and answered: B1/B2 visas do not allow you to work, but that isn't really in scope of money.SX and belongs over on travel.SX (or expatriates.SX for longer stay);  https://travel.stackexchange.com/questions/25416/work-as-freelancer-while-tourist-in-us-for-an-already-existing-us-client seems to cover it.
There is very little difference these days between account types. The fee structure and interest paid is different, but the actual mechanics, and as noted by others, the coverage by deposit insurance is identical. So look at how much money you have in the account(s) you have; are you maximizing the interest that you could be receiving, even from the small amounts that the banks will pay? If you could get more interest from the savings account, and only write one or two cheques per month, you might be better off with that account only; but given common fee structures, you likely would not want that as your primary account. Another reason for separate accounts is more psychological.  You might be able to train yourself to not dip in to your savings if you don't have a chequebook.
In the UK is perfectly acceptable to use your personal bank account as a business account if your a sole trader, although it can be messy. Just record and keep all relevant transaction invoices etc documents for self assessment time. At self assessment time they will tell you the amount of tax you need to pay when you fill out the forms. Not sure how it is Canada.  If you get bigger get an accountant.
I started out thinking like you but I quickly realised this was a bad approach. You are a team, aren't you? Are you equals or is one of you an inferior of lower value? I think you'll generate more shared happiness by acting as a team of equals. I'd pool your resources and share them as equals. I'd open a joint account and pay both your incomes directly into it. I'd pay all household bills from this.  If you feel the need, have separate personal savings accounts paid into (equally) from the joint account.  Major assets should be in joint names. This usually means the house. In my experience, it is a good idea to each have a small amount of individual savings that you jointly agree each can spend without consulting the other, even if the other thinks it is a shocking waste of money. However, spending of joint savings should only be by mutual agreement. I would stop worrying about who is bringing in the most income. Are you planning to gestate your children? How much is that worth? - My advice is to put all this aside, stop trying to track who adds what value to the joint venture and make it a partnership of equals where each contributes whatever they can. Suppose you fell ill and were unable to earn. Should you wife then retain all her income and keep you in poverty? I really believe life is simpler and happier without adding complex and stressful financial issues to the relationship. Of course, everyone is different. The main thing is to agree this between the two of you and be open to change and compromise.
Personally, I keep two regular checking accounts at different banks.  One gets a direct deposit totaling the sum of my regular monthly bills and a prorated provision for longer term regular bills like semi-annual car insurance premiums.  I leave a buffer in the account to account for the odd expensive electrical bill or rate increase or whatever.  One gets a direct deposit of the rest which I then allocate to savings and spending. It makes sense to me to separate off regular planned expenses (rent/mortgage, utility bills, insurance premiums) from spending money because it lets me put the basics of my life on autopilot.  An added benefit is I have a failover checking account in the event something happens to one of them.  I don't keep significant amounts of money in either account and don't give transfer access to the savings accounts that store the bulk of my money.  I wear a tinfoil hat when it comes to automatic bank transfers and account access... It doesn't make sense to me to keep deposits separate from spending, it makes less sense to me to spend off of a savings account.
Several things to consider: I don't see why your friend should pay any tax. It's not his income at all. And I am not sure where your income should be taxed in this scenario. Is he declaring it as his income somehow? The bank won't do it for him, the transfer as such should be transparent. On the other hand, money transiting on his account could in principle look suspicious, although €300 is unlikely to raise alarm. What I do know is that if you do pay taxes, 20% is not particularly high as such. There are four brackets of income tax (and tax-like contributions to the pension system) in the Netherlands, between 36.55% and 52%. Rates for personal taxes in the Netherlands are simply way higher than what you might be used to in Eastern Europe or what has been mentioned in comments.  In fact, if anything, 20% seems too low. I am at a loss guessing what it could correspond to, you could ask your friend how he came to that number. There various tax discounts (kortingen) and deductions (aftreken) that apply to freelance work (and some that apply to all incomes). €3000 yearly is quite low and would probably not be taxed at all if you were recently registered as freelance (zzp'er) in the Netherlands and had no other sources of income. But on the other hand, if your money is treated as being part of your friend's income, these wouldn't apply, as he is probably already benefiting from them. There are special rules for copyright fees. Not sure this is necessarily 100% kosher but I have met people who got paid that way for articles they wrote in trade publications.
Unless the persons establishing the account have agreed with the bank that withdrawals require more than one signature, payment by the bank to, or on the order of (either person on) the account satisfys the bank's obligation I looked for different banks in North Carolina. I found joint account terms similar to this in PDF file format, everywhere, Joint Account: If an item is drawn so that it is unclear whether one payee’s endorsement or two is required, only one endorsement will be required and the Bank shall not be liable for any loss incurred by the maker as a result of there being only one endorsement. also Joint accounts are owned by you individually or jointly with others. All of the funds in a joint account may be used to repay the debts of any co-owner, whether they are owed individually, by a co-owner, jointly with other co-owners, or jointly with other persons or entities having no interest in your account. You will need to tell the bank specifically what permissions you want for your joint account, as it is between you and your bank, in North Carolina.
I have just established a limited company (three directors spread around the UK) and I am in the process of setting up a business account. We will be able to arrange everything over the phone and each of us will have to appear in one of the branches with original documents: passport, bank statement. We are EU citizens and have UK bank accounts for over 5 years. That would probably be a problem for you. But still, you can try to call around and see if you can find a company to help you. You can also setup an account on one of the online currency exchange websites and then provide your customers with the website's bank account details with appropriate reference. You would have to check the legal side of this solution.
Would it be a reasonable idea to open a savings account in an overseas bank? For the risks you mention, this may not be a good idea for individual. Note HNI / Companies routinely keep funds in various overseas account. For individual the amount of paperwork [reporting in US etc] and fees etc would be high. Plus in adverse conditions, access to this funds would still be stringent and restricted. Some of the other options you can try are  Generally for the risks you mention, there is very little an individual can do except to take it if & when it comes.
Whether you can do this for one of their ""personal"" account offerings would be up to the bank. I don't see any particular advantages to using your EIN on a bank account for an individual, though, and I could see it causing a bit of confusion with the bank if you're trying to do so in a way that isn't one of their ""normal"" account types for a business. As a sole proprietor, there really isn't any distinction between you and your business. Any interest income is taxable to you in the same way. But I don't think there's anything stopping you legally other than perhaps your particular bank's policy on such things. I would suggest contacting your bank (or trying several banks) to get more information on what account offerings they have available and what would best fit you and your business's needs."
"When I was younger I had a problem with Washington Mutual.  Someone had deposited a check in to my account then ran my account negative with a ""dupe"" of my debit card.  WaMu tied up my account for three months while they investigated because it wasn't simply a debit card fraud issue, this was check fraud (so they claimed).  At the time all the money I had in the world was in that account and the ordeal was extremely disruptive to my life.  Since the, I never spend on my debit card(s) and I keep more than one checking account to disperse the risk and avoid disruption in the event anything ever happens again. Now one of the accounts contains just enough money (plus a small buffer) to pay my general monthly expenses and the other is my actual checking account.   There's no harm in having more than one checking account and if you think it will enhance your finances, do it. Though, there's no reason to get a business account unless you've actually formed a business."
If it's always the same person, you could open a joint account.  Then fees are avoided altogether.  How fast the funds are available depends on what you deposit.  Cash is immediate.
There is no reason for you to open a firm. However, it will help you, if you operate separate bank account for business and personal purposes. You can run your business as proprietorship business. Your inward remittance is your income. You can deduct payment made to your colleagues as salary. You should pay them by way of cheques or bank transfer only. You are also entitled to deduct other business expenses provided you keep proper receipt of the same such as broadband connection charges, depreciation on equipment and more importantly, rent on your house. If your total receipt from such income exceeds INR 60,00,000 you will need to withhold tax on payment made to your colleagues as also subject to audit of your accounts. If you want to grow your business, suggest you should take an Import / Export Code in your own name.  You can put any further question in this regard.
"There are two ways that ""joint"" accounts work in most US states... an authorized user or a joint tenant. For banks with older online systems, the first named user controls the online account. My wife and I have an account with a bank like this, and we use the account number as the username. Newer systems separate your identities from your accounts. If you are not married, you really need to be cautious about keeping money in accounts where you are joint tenants, as there are very real financial and tax risks associated with doing that. Once money is deposited into the account, you both have full ownership rights on the money in the account. Also, you can get into a situation where you could have a gift tax liability."
If you open an account, you sign a contract, of which you get a copy. That ultimately proves that the account exists. As for the money in an account: Double-entry accounting makes it more or less impossible for that to be simply wrong. An account balance is not just a number; it's a sum of transactions, each of which has a corresponding entry in another account where the money came from or went to. What is possible (but extremely rare given the effort banks go to in order to ensure the correctness of their systems) is for transactions to get lost or stuck (because they often have multiple stages), or to have a wrong source or target, or amount. If a transaction gets lost, it's the same as if it never happened - the money is still in the sender's account and you have to convince them to send it to you. If a transaction got stuck, i.e. money was sent but did not arrive, the sender can request their bank to investigate what happened and fix the problem. If an erroneous transaction shows up on your account, you can do the same. Double-entry accounting ensures that this is always possible.
Given your clarifying points, it sounds like you are running both businesses as one combined business. As such, you should be able to get just a single HST number and use that. However, let me please urge you to contact a professional accountant and possibly a lawyer, as it is very unusual to be performing these services without a business license, and you may be exposing yourself to civil penalties and placing your personal assets (e.g. your house) at risk. Additionally, it may be beneficial for you to run these as businesses as you can likely write off (more of) your expenses.
It never hurts to get professional help when you're starting something new. It would be best to do it right the first time with the help of an accountant because tax laws and business structures can become complex. According to Xero, here are some reasons why you should hire an accountant when starting a small business:  Congrats on starting your own business, it's no small feat. Although Quickbooks definitely can make your life easier, having a CPA to help out along the way wouldn't hurt so that you can learn about the accounting side of a business.
See this website. In my opinion you should physically exist there to open your account.The bank needs to fulfill all requirements such as checking your identity, taking your signatures for future transactions etc. However, there might be some exceptions as Banking industry works pretty much on personal relations and money power.  Also check these links: http://answers.google.com/answers/threadview?id=722141 http://askville.amazon.com/open-bank-account-abroad/AnswerViewer.do?requestId=7004217 and http://www.talkgold.com/forum/r18761-.html
Your actual question has nothing to do with the technical issue of linking a PayPal account to a bank account. It is all about the accounting of the money. That is, what you claim as income and what you can prove to the taxman. Yes, you will need to separate the money. Linking to a business account is probably the way to go. From there, it is about how you keep track of the money and account for it.  How you do the accounting is a different question. So: No, it does not automatically become business income just because it goes into a business bank account. You still have to keep track of said income and claim it somewhere on some tax form(s). The point of the separate business account is to avoid the commingling of the the money which may lead to you losing the liability protection of an incorporation. The bank doesn't file your taxes for you.
The spending plan, or budget, lets you assign a job to every dollar that you own. By doing this, you won't spend rent money at the bar, and you won't spend the car insurance money on a vacation. I've written before about the details on how some of these software packages work. To answer your question about double-entry accounting: Some software packages do use true double-entry accounting (GnuCash, Ledger) and some do not (YNAB, EveryDollar, Mvelopes). In my opinion, double-entry accounting is an unnecessary complication for personal finances. If you don't already know what double-entry accounting is, stick with one of the simpler solutions.
I'd consider this offer. Keep in mind, any time you write a check, there's the information he's asking for.  If it makes you feel comfortable, use the small balance account, or set up a 4th one you'll use for these incoming deposits only.
It is possible, i've contacted different banks, and only one bank (Wells Fargo) didn't say that they need all members in person, but gave me a form which my colleague filled to authorize me to open an account.
There are a few company they can help you open an offshore account. I searched and found rtrsupportslimited.com on another discussion forum. It is a company which does the exact same thing. I got my own company incorporation and bank account from them.
"I agree with the rest of the answers -- you're probably better off just using it for some predictable flat-rate recurring monthly service like NetFlix, or making a charitable donation if you're into that sort of thing. But since that wasn't what you asked, I'll try to provide an answer: If you don't mind throwing away money, send money to yourself using PayPal. Here's how:  Set up a PayPal Business Account, and use your personal PayPal account to send funds to it by setting up a PayPal subscription. PayPal says ""You can have one Consumer account and one Business account."" A PayPal Payments Standard business account has no monthly fee -- only transaction fees. According to PayPal, ""in order to set up a repeating payment, [you] would need to create a Subscription or Recurring Payments button from the Merchant Services tab"" (in the Business Account). You would then click the link/button to set up the subscription from your personal PayPal account, to make it send money to your Business account on an automatic schedule. You can then, at your own leisure, send the money back to your personal account without paying a second transaction fee, then finally send it back to your bank account. Or, if your bank account is not yet tied to your personal account, you can tie it to the business account instead, and deposit the funds into your bank account. Unfortunately, this step can't be automated. Again, to reiterate, you're much better off just using it for something recurring."
I don't think there's any law against having lots of bank accounts. But what are you really gaining? Every new account is a paperwork hassle. Every new account is another target for con men who might steal your information and write bad checks or make phony credit card purchases in your name. Yes, it's not unreasonable to have a credit card or two that you keep for emergencies. I'd advise anyone with running up debts while having no idea how you will pay them off. But to say that you might keep some credit available so that if you have a legitimate emergency -- like, say, your car breaks down and you don't have the cash to fix it and you can't get to work without it -- you have some a fallback. But do you really need ten credit cards for that sort of thing? And how much credit are they giving you on each card? I don't know how the banks work this, but I'd think if they're rational, they'd consider your total credit before giving you more.  I have three credit cards that I use regularly -- two personal and one business. And I find that a real pain to keep track of, to make sure that I keep each one paid by the due date and to keep a handle on how much I owe and so forth. I can't imagine trying to deal with ten. I suppose you could just stuff all these cards in a drawer and only use them in case of emergency.
It should be in the name(s) of whomever puts money in the account.  When filing your taxes there will be a question or space to mark the percentage of income in each others name. If you're just looking for small amounts of income splitting, then it's legal for the higher earning spouse to pay household expenses and then the lower earning spouse can save all or some of his/her income. Whether or not to have 2 accounts or not has more to do with estate planning and minimizing account fees if applicable.  It can also help in a small way for asset allocation if that's based on family assets and also, minimizing commissions.
Technically, it's only when you need to pass money through. However consider that the length the account has been open builds history with the financial institution, so I'd open ASAP. Longer history with the bank can help with getting approved for things like business credit lines, business cards, and other perks, though if you're not making money with that business, seek out a bank that does not charge money to have a business account open with them.
I was actually thinking of doing both, I already have a one sided card, I was thinking of doing an additional 2 sided, however, the single sided that I already have is more of a networking/advertising card that I post in random locations, and the new one will be my business contact card, maybe I will end up with three designs. Thanks for your tips!