We have a business checking account, which has been structured as below, and I wonder what kind of W-8 forms are required for the account.
A foreign asset management company (Entity A) invested in a real estate in the U.S, and the real estate is managed by a real estate management LLC (Entity B), incorporated in a state in the U.S. A business checking account (non-interest bearing) was opened with us for the Entity B. Individual employees (Non-resident aliens) of the Entity A and resident employees of the Entity B are listed as signors of the business checking account; however none of them are beneficial owners of the account.
Some bank employees argue that W-8IMY should be obtained from the non-resident alien signors, however I believe it is okay to receive signed W-8 BEN-E from Entity A only. Please correct me if I am wrong.
Thank you.
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Seeing faults in others as your own.