Best way to set up a fundraiser checking account
Hi,
I am doing a fundraiser for a dear friend who is very sick and in need of healthcare. I have set up a fundraiser on line. I need to set up an account that the funds raised will go into. I went to the bank thinking that I could set up an interest free cking account with Title "my friends name healthcare fund" and my name below it and me as a signer.. They said I would have to set up a business account if I wanted to name the account.. which then would have interest…. Unless I got a certain # from the state that would then wave interest and taxes.
We are raising 50,000. My husband suggested that I then go to the bank with my friend and she open the account and put me on as a signer. That way when she files for taxes she would not be required to pay as she is unable to work and her income will not exceed the 50,000 obviously. My friend has some very bad days with her illness.. but she is well enough to take a trip to the bank but I had originally thought the less she has to do right now would take another worry off her shoulders.
What is the best way to set up a fundraiser account where there is not interest and taxes for anyone on the money?
Thank you very much