California: Husband is operating a business under his sole proprietorship. Fictitious name is filed under his sole name. Wife assists husband with the business. She has no other source of income. Can the bank require husband and wife to be co-borrowers on a commercial loan? Loan is secured by the business only.
We have a customer that has a Business DDA with the first name line his own, tied to his own social and the second name line his dba tied to an EIN. If he deposits over $10K cash into THIS business account how is our CTR to be completed? Our "tax" line is tied to the DBA and its EIN. Please advise.
Can an agent or authorized signer on a sole proprietorship close the account?
Does the new Garnishment of Accounts for Federal Benefit Payments pertain to consumers and not businesses? Normally, a business will not receive any of these Federal payments. Are we still required to do the two month review for documentation when we receive a levy on a business?
Levy-related: The IRS provides an alternative on Form W-9 for individuals to provide an SSN or an EIN. I believe FIs are required to obtain an SSN for an individual as her/his TIN and so the issue is not applicable from an FI perspective. As a non-FI in a trade or business receiving W-9s where an individual has opted to provide an EIN rather than an SSN, a levy may identify an individual by SSN such that we cannot guarantee that the levy is for the same individual (two people with the same name). Giving the volume of levies that FIs deal with, I am hoping you may have guidance regarding the identification of the taxpayer in the circumstance I have described.
Can a DBA account be held jointly between two individuals? If so, would you hold the record as a DBA account or a joint account?
Regarding a sole proprietorship checking account under the new Reg E changes, is the account considered a business or personal account?
When opening a business account, when should we require a fictitious name statement? We have been told that if the last name is in the title, we don't need one, but if it is questionable, such as Smith and Company, it may not be a sole proprietorship, and we have to require the name statement. If they tell us they are a sole proprietorship, and we open a NOW account, but the title is Smith and Co., how do we prove it really is a sole proprietorship?
We have a customer who owns a business that is listed as a sole proprietorship with its own EIN. A man and wife own this business. They have several direct deposit accounts with us, one of them being a personal money market account. The only transactions that seem to go to the account are ACH credits for the business. These ACHs go on daily, with sometimes large amounts. I guess what I am wondering if this is OK. Shouldn't the ACH for the business be going to the business account?
In a Reg D audit, I found a few accounts whose eligibility I question. I am new to my position and have been told that an account listed as a PSC (Professional Services Corp.) is eligible for a NOW account under Individual Status. I just wanted to make sure that was correct. Also, will the Secretary of State site tell me under "Company Type" if it is a Sole Proprietor?