Trusts doing business as

Posted By: Craney

Trusts doing business as - 06/03/21 08:27 PM

Good afternoon, I know there is a lot of stuff going on about trusts, but I have a situation in which I'm not entirely sure and wanted to get some opinions on. I have a family living trust doing business as a company with it all being under the trustee's SSN. I'm wanting to make sure that the way we have it labeled and handle it, is correct. As it is labeled now, John Doe The John Doe Family Living Trust dba John Doe Plumbing all under John Doe's SSN. John and Jane Doe are listed as Trustees. Is that correct and going forward with CTRs and other reporting requirements, don't we treat this as any other sole prop?

Thanks for the help with this!
Posted By: rlcarey

Re: Trusts doing business as - 06/03/21 08:59 PM

I am a little confused by this: John Doe The John Doe Family Living Trust dba John Doe Plumbing

Why is John Doe even listed as an individual?
Posted By: John Burnett

Re: Trusts doing business as - 06/03/21 09:15 PM

I imagine it's to make sure of the IRS name/number match (if the name is in the name of the trust, it's not needed separately).
Posted By: Craney

Re: Trusts doing business as - 06/04/21 12:57 PM

My apologies, it's actually labeled "John Doe The Doe Family Trust dba John Doe Plumbling". I'm not sure if that matters or not, but trusts have always confused me. Thank you for your help again!
Posted By: rlcarey

Re: Trusts doing business as - 06/04/21 04:19 PM

The point that I was trying to make is that the the John Doe lead in should not be there. It is either the trust's account or it is not - if it is, then it would only show the trust's name dba business name.
Posted By: Craney

Re: Trusts doing business as - 06/04/21 09:05 PM

Gotcha!! Thank you!!