Metter, GA asked in Tax Law for Georgia

Q: My father started a sole proprietorship, can I manage his income and expenses in a bank account that is in my name?

Will that effect my taxes at the end of the year?

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2 Lawyer Answers

A: There is no way anyone can tell you what the IRS might or might not do; but I will advise you not to comingle your own personal funds with your dad's business funds--unless you like tax problems.

Linda Simmons Campbell
Linda Simmons Campbell
  • Tax Law Lawyer
  • Burlington, CT

A: This would be a very bad idea. You could end up being held responsible for taxes for a business that you were not involved in. I strongly advise him to open his own business account.

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