I am working on an IOLTA account. I am fairly new to this new accounts thing and I am confused on what type of account this would be. Once I select IOLTA, my program only gives me 4 options which are Partnership/joint venture, Sole Proprietorship, Limited liability, and Corporation. I picked Sole Proprietorship but this does not let me have the option of listing the authorized signers. Since there are two authorized signers, does that make this a Partnership/joint venture, and if so, who is the partner?
I understand that Reg E does not cover business accounts or business customers. Our bank does not offer any type of business debit card, instead we will allow a sole proprietor to have a debit card on their business account but the card is issued to the sole proprietor in their name, not the business name. Do you see any problem with us doing that?
We have an account with husband and wife d/b/a; can they add a third party to this account?
What documents are needed when a husband dies and the spouse wants to take over the business? The husband is the owner on all the DBA forms. The wife is an authorized agent on the accounts, and wants to remove his name from the accounts. Do we need her to apply as a DBA or would we need a copy of the Will leaving the business to her? Would she need to close the accounts and reopen them as new accounts? What is the best way for the DBA owner to be removed? We have a copy of his Death Certificate.
If a sole ownership is to be opened, using an EIN, does it matter what order the name lines are in at the account level as long as the tax reporting is under the EIN? We are thinking: 1. Sally Joe ... 2. DBA Sally Joe Crafts EIN and tax reporting Line is #2.
The customer signed for the EIN for his DBA account. If we open an account under the customer's name, it might affect his taxes. How do we title the account, so that the taxes are done correctly and they are filed under the EIN, not his personal SSN. [Jane Doe - SSN(the owner_ DBA Jane Doe -EIN]
What is the correct ownership on a checking account with husband and wife DBA Smith Lawncare? Both own the funds.
Can a child's Social Security Number be used on a business banking account?
Can an account titled: "Jane Doe: Agent for Dolittle Farm" be a NOW account?
Are there any potential issues with someone using a business account (DBA vs LLC vs a corporation) more as a personal account?