Timeline for How do multiple people accept payment for work, without one person being "bank"?
Current License: CC BY-SA 3.0
13 events
| when toggle format | what | by | license | comment | |
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| Apr 13, 2017 at 12:25 | history | edited | CommunityBot |
replaced http://money.stackexchange.com/ with https://money.stackexchange.com/
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| Nov 13, 2016 at 3:20 | history | tweeted | twitter.com/StackFinance/status/797640165099499520 | ||
| Nov 11, 2016 at 4:34 | comment | added | House | I talked to an accountant, they said we can, have someone act as bank. That individual will send the others 1099s at tax time for their shares. If the other individuals don't want to share their SSNs, "bank" keeps 45% of each transfer to pay for taxes. | |
| Nov 10, 2016 at 18:29 | vote | accept | House | ||
| Nov 9, 2016 at 18:46 | comment | added | Fattie | Everything about this is a bad idea. Nothing good will come of it :/ | |
| Nov 9, 2016 at 18:24 | answer | added | quid | timeline score: 5 | |
| Nov 9, 2016 at 16:48 | comment | added | Nate Eldredge | Could you characterize your collaborators as subcontractors? Then the payment to you is income, but your payments to the collaborators are expenses, which you can deduct, so you only owe taxes on the share that you kept. You just have to keep records. | |
| Nov 9, 2016 at 1:38 | comment | added | House | @user662852 I'm not sure how we do the accounting internally will change the actual situation. | |
| Nov 9, 2016 at 1:36 | comment | added | House | @quid Thanks, does that mean my assumption about the tax implications are correct? | |
| Nov 9, 2016 at 1:14 | comment | added | user662852 | You could do accrual accounting instead of cash accounting | |
| Nov 9, 2016 at 0:26 | comment | added | quid | You should form a more formal partnership, then get the partnership a bank account. | |
| Nov 9, 2016 at 0:02 | review | First posts | |||
| Nov 9, 2016 at 0:52 | |||||
| Nov 8, 2016 at 23:59 | history | asked | House | CC BY-SA 3.0 |