What do I do with side cash?

[Cameron Lawrence]

Hello!

I recently went full time into my own business and have started to get paid cash on some projects. My business partner and I just split the cash and I usually just deposit it with my wife’s tips once a month.

Do I need to worry about this?

How much cash per month can I deposit in our bank account before it starts to be a problem.

Thanks!

[Eamonn McElroy]

@Cameron Lawrence

It sounds like first you and your business partner need for formalize your agreement.  Then, bare minimum execute a partnership agreement and open a business checking account.  All income and expenses flow through that account.

Makes filing the 1065 and issuing K-1s much easier...  It sounds like you have a general partnership and thus a 1065 obligation.