As a joint venture, do you have a good sense as to what you have to do to comply with the Internal Revenue Service? Do you know whether or not you need something such as a Tax ID or employer identification number? When you are acting as a joint venture, you want to be organized, […]

When you think about a joint venture, where does that fit in with all of the other types of corporations and organizations? A joint venture is similar to something like a partnership where you have a few different people coming together for a common goal in the business world. With a joint venture, though, you […]

When you are forming a partnership, it is two or more individuals coming together to create an organization with a business purpose. When you come together to form a partnership, you are creating your very own company. That partnership is going to need to obtain a partnership tax return, open a bank account in the […]

What does the Internal Revenue Service define as a partnership? When you think about a partnership, you usually think about two or more people working together. That is exactly how the Internal Revenue Service sees it as well. A partnership, per the definition of the IRS, is a relationship that you enter into with two […]

What is a withholding agent and where does that leave you in terms of requirements pertaining to an employer identification number. A withholding agent is someone that is the U.S. or foreign individual with control over the income of someone, who is a foreign individual, subject to tax withholding. Custody, payment, as well as the […]

As a sole proprietorship, you can open a personal bank account for your company. Opening another bank account often helps for administrative purposes, because you can distinguish from your personal funds and your business funds. If you want to open a separate bank account, you can look into business bank accounts. For a business bank […]

S-corporations, like LLCs, aren’t generally required to have tax ID numbers. Instead, it’s based on a few factors. A tax ID number will be required if the S-corporation has more than a single owner. A tax ID number will also be required if the S-corporation has any employees, though the owner of the company will […]

Do you have a good sense of what it means to be one of the various types of corporations in the United States? The United States federal income tax code recognizes all sorts of types of businesses or corporations. One of these is none other than the S-Corporation. What exactly is an S-Corporation, though, and […]

A revocable trust will not need an EIN until the grantor of the trust dies. At that point, the Trust will be required to provide the Trust’s EIN Number in order to access funds and manage bank accounts of the Trust. Revocable trusts are essentially financial accounts that are under the grantor and their own […]

A guardianship is defined as: when an individual takes charge of controls on behalf of an individual who cannot control their own finances, usually that of a minor. Guardianship is both a financial and a legal responsibility, and it requires some additional consideration regarding financial accounts. For the most part, guardians do not need a […]