What is the reason for using an SSN on a sole proprietorship account vs an EIN? Can either be used?
Can a sole proprietorship have a preferred or junior savings?
A Corporation, LLC is set up as Money Market Account. They exceed the transaction limitations continually and the bank is changing their account to a Now Account. Can any business, corporation, LLC have a Now Account?
Can a business account have convenience signers?
Is it ok to cash "on us" checks made payable to a non-customer DBA?
Can more than one LLC be "doing business as" another entity? In other words, can two different LLCs own the same sole proprietorship?
We have two DBA customers. The one brings in checks made out to the business and wants them cashed. The other wants to deposit their DBA checks into their personal account. Should we be doing these transactions?
Is there a legal requirement for the age you must be to use a "doing business as" sole proprietorship account? We have a CPA customer who sets up banking accounts, including sole proprietorship accounts for student athlete minors. For example, John Doe, dba John's Surfing. John is 15 years old.
Currently, when we receive a IRS Tax Levy, we look at the Social Security Number or EIN Number on the Levy and the name. We then research this information in our system to see if they have an account(s) and what funds are available to hold on the day the Levy is presented. We base this on the Name and EIN or Social Security Number provided on the Levy. My question is if we perform our search and determine that the primary name and Social Security number on the account does not match the Levy but the person the Levy pertains to is a signer or secondary owner to the account (Joint Account), should we hold those funds? Should this be done even if it's a Business, Minor Account, IOLTA, Escrow etc.? I would think consideration should be given to the relationship the person upon whom the Levy is presented has to the account.
If a sole proprietor becomes an LLC, would we need to open a new checking account or could they keep the same account?