Filing a DBA for opening the team account

How should the DBA be filed? Limited Partnership or General Partnership? I want it to be in mine and my wife's name.

BadMoon wrote:How should the DBA be filed? Limited Partnership or General Partnership? I want it to be in mine and my wife's name.

Wow... I would barely be ok with asking the people on this forum for directions. But to ask for legal advice... no way!

02Dad wrote:

BadMoon wrote:How should the DBA be filed? Limited Partnership or General Partnership? I want it to be in mine and my wife's name.

Wow... I would barely be ok with asking the people on this forum for directions. But to ask for legal advice... no way!

With all of the "truth" telling here you have to figure there are a few attorneys around.

Surely there are a few team managers here who have researched the subject and have an opinion. I'm not looking for legal advice just opinions. There certainly doesnt seem to be any shortage of those here!!!

BadMoon wrote:How should the DBA be filed? Limited Partnership or General Partnership? I want it to be in mine and my wife's name.

No Problem.

I have a call into Mark and Kevin with Solar to get you response.
The club has lots of success in putting things in other peoples names.

When I was a manager, the account was a sole proprietorship under the coach's name, but I was a signer on the account. He had multiple teams in different age groups, so he created one big account, and each team was a sub-account. But it was never in my name, nor would I have been comfortable with that. Some clubs have rules about how it can be set up...better check on that. If not, be VERY careful...dealing with the team's money can get ugly fast. I would have another parent besides your wife be on the account just so the other parents are reassured.

I would recommend the account be in the team name with the manager and the treasurer being signers on the account.

I would HIGHLY recommend a separate treasurer so that there are checks and balances. Nothing gets ugly faster than accusations about team money.

ballhead wrote:
I would HIGHLY recommend a separate treasurer so that there are checks and balances. Nothing gets ugly faster than accusations about team money.

This is EXCELLENT advice.

The last three posts offer sage advice. For more specific detail, here is what I recommend:

The coach should be the primary on the account unless it is all run through a larger club. Yes, that means he will actually have to go to the bank and setup the account. It doesn't matter much if he sets it up as a regular checking or business account other than the paperwork and bank costs. Some banks require proof of ownership or forms from the club. There's a lot to get into on this subject; but the main principle to remember is that if you or your wife are account owners, you have more liability with the bank, the IRS, disgruntled parents, etc.

The manager and treasurer should be listed as a signers on the account. You can also have the checks set up such that they require dual signatures. It can be inconvenient, but it's a good safeguard for all interested parties.

Thanks everyone for the advice. I will discuss with our coach and parents. Thanks again!