The bank has a customer with two separate business accounts. One is a sole proprietorship mini-mart; the other is a corporation with a separate EIN. He frequently deposits money into these accounts, which when aggregated together totals over $10,000. However, when treated separately, they do not total over $10K. His business accounts are exempt. Should he remain an exempt customer when he rarely deposits over $10K in each account? Should we file a CTR on him (personally) for the cash transactions over $10K, even though they are for his business?
Question: We have an account at our bank that is an LLC.
Can an LLC use a Social Security number? If so, how would you style the ownership interests -- the customer's name on the first line and DBA the business name on the second line?
If a sole proprietorship account is styled Jane Doe dba Jane's Jeans, we would use Jane Doe's SSN for the tax ID. If Jane's Jeans has its own EIN, should the account be styled the same? I always understood the first name on the legal title should match the tax ID number.
What is our right to offset a delinquent personal loan with a DBA deposit account bearing the same social security number?
When opening a DDA in an individual's name, DBA as a company, can we use the individual's social security number, or are we required to use a business tax ID number?
When one tax ID number is used for multiple accounts, each with different DBA names, and the combination of deposits made in one day exceeds the CTR threshhold, are you required to list each DBA as a benefactor?
When making a loan to a sole proprietorship can you list the 'DBA' under the individuals name and SSN?
It has been our Bank's practice to not give cash back and/or cash checks made payable to businesses. However, we have been handling DBA accounts differently. If the account is set up with an individual name tied to the DBA we have been allowing them to take cash back.Is there any regulation concerning this issue?
A customer came in and opened an LLC account. On tax ID# we put applied for.We received a letter from his accountant. That says LLC is a single member limited liability company. A single member LLC reports income on Schedule C of the individual's personal income tax return. IRS will not issue an Employer Identification number to a single member limited liability company unless there are employees. Do we need to change the card to his name dba as the company name. His accountant says do not do that, just add his SSN# to the LLC.