Is anyone aware of a regulation /or state law that prohibits sole proprietors from assigning beneficiaries to their accounts? We have a customer who is a sole prop operating as a DBA and is requesting to add beneficiaries--is this legal?

I don't know the state law, but my thought would be that if the account is in the person's name with their SSN then they could have a beneficiary, but if the account is in the business name with an EIN # then you would not want a beneficiary on it. I hope this helps.