I am a member of a club that is just getting started, and we
are not sure if we need a bank acct. We wanted to put our
cash in a online savings acct. to earn interest until we are
ready to start making transactions. However, we discovered
that although those accounts pay high interest, they only
deal with individuals. If two members open an account in
their names, there will be tax consequences to deal with.
Should we open a checking account and not worry about
interest? We really don't have any expenses, and the ones
we do we deal with in cash at our meetings. Is there
something ahead that we don't foresee?