I work for a medical practice with three doctors. They are not partners, but share space and the computer system (billing). I have been informed by our bank that Dr. B and Dr. C can no longer depositchecks into our company owned by Dr. A using Dr A's account number. I have been told I need three separate accounts to deposit our checks. The account is in Dr. A's business name. Any suggestions how to get around opening two more accounts, because I will have to keep taking monies from B's and C's account to pay bills from Drs A's account.
There is a risk that Dr. B and Dr. C could come back at some point and claim they didn't receive benefit of the checks deposited into A's account. The bank may be asked to return the funds to them.
Dr. B and Dr. C could endorse the checks over to A, so A is the payee, but the bank has to agree to accept these and may ask for verification that the endorsements are true and correct. This may be troublesome. For accounting purposes each doctor should have his or her own account into which deposits are made and Dr. A can be paid from these accounts with a check.
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There is a risk that Dr. B and Dr. C could come back at some point and claim they didn't receive benefit of the checks deposited into A's account. The bank may be asked to return the funds to them.