Draft Email — Marcus Banking Setup
Status
DRAFT — awaiting Lucas approval before sending.
To: Marcus
Subject: Westside Banking — Getting Access to Stripe Funds
Subject: Westside Banking — Getting Access to Stripe Funds
Hey Marcus,
Quick thing we need to knock out — right now all the Stripe revenue (tryout fees, jersey orders, and eventually monthly dues) sits in Stripe until we connect a business bank account for payouts. That means we're leaving money sitting there instead of having it available.
Here's what I'm thinking:
Step 1 — Business bank account
I looked at Mercury, Relay, and Novo. Mercury is the move long-term — free, $5M FDIC insurance, earns 3.9% on idle cash, full API so we can automate reporting. Only catch: it requires an LLC, not a sole proprietorship.
Step 2 — Do we have an LLC?
If Westside Kings & Queens isn't an LLC yet, we should file one. Utah makes it easy:
- File online at Utah.gov — $56, same-day processing
- Get an EIN at irs.gov — free, instant, takes 5 minutes
- That's it. Two things, under $60, done in a day.
Step 3 — Connect Stripe
Once Mercury is open, we connect Stripe and set payouts to daily or weekly. Revenue hits the account automatically. No manual transfers.
Why this matters now
Once we start billing monthly dues (50+ boys at $200/mo = $10K+/month), we need clean money flow with a paper trail. A business account keeps revenue and expenses separated, which protects us and looks professional to parents.
Let me know:
- Is Westside already an LLC or sole prop?
- If not LLC, are you good with me filing it? Just need your SSN and the business address.
No rush on replying today — focus on the tryout. But this is the next thing we knock out after.
— Lucas