11/23/2009
A recent Guru Q & A: <a href="http://www.bankersonline.com/operations/guru2009/gurus_op082409b.html">"Can a Sole Proprietorship have a NOW Account"</a> addressed whether or not sole proprietorships could have NOW Accounts. That has brought up another question. Can a sole proprietorship NOW account have an authorized signer?
11/09/2009
If a sole proprietorship has checks made out to the company name, can it receive cash back from deposits?
08/24/2009
Can a sole proprietorship have a NOW Account? I thought non-profit was the only business account that could have an interest bearing account.
08/10/2009
We recently had a customer request an account title be changed from a sole proprietorship to a corporation. The customer presented the proper documentation, but requested that the same account number be used. What are your recommendations and concerns regarding this request?
11/10/2008
What is the proper way to set up a sole proprietor account when the sole proprietor provides a TIN? Should it be set up as a DBA or simply under the business name?
08/18/2008
Sole proprietorships using their SSN can open NOW accounts, but can a sole proprietorship using a EIN also open a NOW account?
07/28/2008
I received a bank execution against an individual. The only account we had was a sole proprietorship using the individual's Social Security number. Everything I read tells me the individual is responsible for business debts, but is the opposite true?
03/24/2008
One of our customer service representatives opened a sole proprietorship account recently and titled it "Sole Proprietorship DBA Corporation". Corporation is listed as the owner of the sole proprietorship on the fictitious name registration. The account that was opened is a NOW account. I know that a sole proprietorship can have a NOW account, but in this case I am not comfortable with it. I also question whether the account is titled properly. Any insight would be appreciated.
03/03/2008
I recently joined a bank - just in time to jump into the tax reporting errors! In 2007 we offered a wide variety of promotional campaigns. In some campaigns, we offered bonus dollars (more than $20) for a new account opening. We also offered a bonus gift for closing on a loan with us (value over $25). We gave away gift cards (again, more than $20 value) for a new account relationship and finally, had a gift book where customers could choose a gift based on the number of times they used their debit card. The people that received these bonuses included businesses, consumers, lending and deposit relationships.It is my understanding that if the value of the premium - cash or physical item - is greater than $20, a 1099-INT must be created for the value of the item. However, there are others who believe that only cash items or gift cards fall under the 1099-INT rule and physical items fall under 1099-MISC reporting. If under 1099-Misc, it is understood that the value must be greater than $600 and does not apply to businesses.What is the proper way to report the following - assuming value over $20, and what special rules would apply if the recipient was a business?<ol><li>Bonus dollars added to deposits<li>Gift cards given for referring a friend <Li>Gift cards given for opening an account<Li>Gift item given for closing a loan<Li>Gift item given for debit card usage.</ol>
08/13/2007
Many of the assumed name certificates that are brought in will have sole proprietorship and a sole practitioner. What is the difference between a sole proprietor and a sole practitioner?