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#359808 - 05/16/05 06:01 PM DBA Exemption
Anonymous
Unregistered

Can an individual DBA be exempted? The TIN being used is his social security number.

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BSA/AML/CIP/OFAC Forum
#359809 - 05/16/05 06:56 PM Re: DBA Exemption
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
Yes, a sole proprietor can be exempted. You want to be very careful about your documentation and exemption process. You can search the threads to view prior discussions about sole proprietor exemptions.
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#359810 - 05/17/05 01:23 PM Re: DBA Exemption
Anonymous
Unregistered

Thank you Brenda. Though this is a sole proprietorship, it does not have a separate TIN, that does that make a difference? All other sole proprietorships and DBA's exempted have their own business TIN.

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#359811 - 05/17/05 07:12 PM Re: DBA Exemption
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
The sole proprietor does not necessarily need a TIN (only if they have payroll tax responsibilities, I believe).
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Life without Jesus is like an unsharpened pencil - it has no point.

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#359812 - 05/18/05 04:14 AM Re: DBA Exemption
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
You'll want to make certain that the SP is registered or licensed to do business in accordance with your state's laws.
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#359813 - 05/18/05 06:20 PM Re: DBA Exemption
Anonymous
Unregistered

John, How do you verify the business is registered? Illinois.

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#359814 - 05/19/05 10:33 AM Re: DBA Exemption
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
John is from Massachusetts, so he's not likely to know how it's done in Illinois. If he were going to do the research for you, he would likely:
*look for a manual from a recent (particularly since 10/03) Illinois deposit seminar, or
*post the question in the Illinois forum, or
*review the Illinois Secretary of State's website, or
*search Illinois statutes using key phrases like "assumed name" or
*call your bank's attorney and ask.
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