I have a group of customers who want to open a business account. The account owners will be a Partnership (with a partnership agreement with accompanying EIN) and two individuals. There is no formal partnership agreement amongst these three entities (Partnership, Individual A, Individual B). Would this be classified as a partnership, and what EIN should be used?
Can an LLC account earn interest and can a Social Security number be used instead of an EIN? Also, can a limited partnership earn interest?
If there is a Non-profit Corp with a DBA, can that DBA have its own EIN? It seems that an entity with its own EIN would be a separate entity, not a DBA.
When I have a DBA with an EIN number, do I still use the owner's Social Security number as the reporting TIN?
Does an account with an EIN have to be classified as a business account? I am specifically asking about trusts and estates.
If a trust is revocable and the last grantor passes away and the trust then becomes irrevocable does the successor trustee need to have an amendment done to the trust before we open a new trust account with an EIN number? If it is a revocable trust and that was in the titling I would think it would need to be titled differently not to say revocable any longer before we just open a trust with a new EIN number still stating it is a revocable trust.
An account holder is deceased. An individual is named the personal representative by the court. Pers. Rep. B closes the account of deceased and in the process withdraws $20,000 cash. CTR filing is required. Did Pers. Rep. B act on own behalf, or on behalf of another (deceased account holder)?
A revocable (living) trust's settlors/trustees have resigned as trustees yet remain alive. Do new successor trustees have to apply for an EIN # for trust instead of using social security number of settlors?
We have a potential new customer who does business as a scrap dealer (appliances etc.). He receives checks made out to the name of his business. Does he need to have an account titled with the business name or can the checks be deposited into an account in his name, since it is a sole proprietorship and does not have a federal tax ID for the business? How should sole owner accounts be set up?
An account owner dies with a beneficiary. A check is brought in by the beneficiary payable to the estate. Must the account be changed to an estate account with an estate EIN or can the individual's account be changed to an estate account using their SSN for a short time?