THE NEXT STEP
The next step in forming your foundation is opening a bank account and creating your “Books and Records”.
To open your bank account you need to go to a local bank with your tax ID # (bring the actual letter from IRS to avoid any mistakes) and the articles of incorporation you received when you formed your entity.
Keep in mind that every state has their own set of rules and the banks then have their own set of policies and procedures when opening an account. IE: In NYS some banks will simply go online to see that the corporation is in existence, others want and an actual copy of the certificate for their files.
In order to open the account you will have to deposit money. You have to account for that money in your “Books and Records”.
“Books and Records” is what the IRS requires every business to maintain. This is a link to IRS publication 583 “Starting a Business and Keeping Records”
That’s not all! Not only does the IRS require it, so does every other federal, state and city agency that has jurisdiction over your business as well as your bank, insurance company, partners, investors and your soon to be ex-spouses divorce lawyer.
A solid bookkeeping system that produces reliable, timely financial reports is what