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#1078005 - 11/06/08 07:54 PM Eligible for NOW Account?
Wyogirl Offline
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Wyogirl
Joined: Nov 2001
Posts: 713
Laramie, WY. USA
Good Afternoon,

I'm doing a NOW account review and came across a business account, earning interest, that used to be a corporation, (filed with the state as "for profit"), but the filing is inactive and has been revoked for tax delinquency. It became inactive in 2004. The tax ID number, for this business, is the tax ID of the owner, (on our system). Do I have a sole proprietor here? Or a for profit corporation?

Thanks for your help,

Deb

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#1078008 - 11/06/08 07:55 PM Re: Eligible for NOW Account? Wyogirl
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
You need to ask your customer how they are currently organized.
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#1078045 - 11/06/08 08:19 PM Re: Eligible for NOW Account? BrendaC
Wyogirl Offline
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Wyogirl
Joined: Nov 2001
Posts: 713
Laramie, WY. USA
Thanks Brenda. I have and they are telling me SP. So, between what they've told me and the expired filing, I would think I can safely assume they are eligible. (?) I live a pretty sheltered life and have never seen anyone change back.

Deb

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#1078068 - 11/06/08 08:31 PM Re: Eligible for NOW Account? Wyogirl
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,548
Galveston, TX
If your jurisdiction requires an SP to obtain an assumed business name, I would ask for a copy of the proper filing document. Also, your official bank records should reflect Joe Jones, dba XYZ Business. Also, if the business name includes XYZ Business, Inc. - most jurisdictions do not allow the "Inc." for a SP.
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#1078069 - 11/06/08 08:31 PM Re: Eligible for NOW Account? Wyogirl
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
You are probably fine since you found no evidence to the contrary. If you feel you need to you can verify by requesting a copy of his tax return (Schedule C on personal tax return).

If he has employees, he will still have an EIN for payroll tax purposes.
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