I resigned my position with my employer. They asked me if I would be willing to do contract work for them. I agreed, and prepared a proposal that was accepted. I now have a signed contract. The contract is written for me personally to do the work (ie checks will be written to me personally).
Since signing the contract, I have had other inquiries into the type of work I do, and I thought it best to set up an limited liability company to run this enterprise through. All other inquiries have been run through the LLC.
Is their a way I can run the checks from the contract with my former employer through my LLC? Or am I stuck with it being for me personally?
I would like to run the check through my LLC because, I would like to make some equipment purchases related to this line of work. For my former employer, I will be using their equipment to do the job, but would like my LLC to have its own to exand my customer base to those without the equipment and the money from the contract would help me purchase more of it.
If I have to run it through my personal account because the checks are written to me personally, then isn't it personal income? If I personnaly cash it, and then give the money to the LLC, don't I still have to claim as personal income (and be taxed for it) vs. initially cashing it with the LLC and then making expenses that nearly equal the income + (some savings).