W9 question

[Netspeed]

What is the name of your state? CA

I tried searching but "W9" and EIN" are under the 4 character limit.

I'm a mortgage broker and I have an EIN number for my corporation (not LLC). As I'm filing out applications with wholesale lenders, I have to fill out a W9. I put down my corporation's name but some lenders don't like it because it doesn't match what's on my license with the DRE (my full name). They want me to put my name on line 1. Does it matter what the name says on line 1 of the form seeing that I'm also putting down my EIN?

Thanks for any and all advice!

Keith

 

[FlyingRon]

The corporate EIN is right. Presumably you have a corporate license as well? If not you are probably operating illegally.

 

[byrd42]

Limited Liability Company (LLC). If you are a single member LLC (including a foreign LLC with a domestic owner) that is disregarded as an entity separate from its owner under Treasury regulations section 301-7701-3 enter the owner's name on the "Name " line Enter the LLC's name on the "Business name" line.

If the LLC is a corporation, partnership, etc., enter the entity's EIN.

 

[Netspeed]

FlyingRon---I have my corp listed as a DBA with the DRE so I'm good. So as long as the EIN is on the W9, it really doesn't matter what the name is correct?

Byrd42---I'm not an LLC. I'm an S-corp.

 

[FlyingRon]

FlyingRon---I have my corp listed as a DBA with the DRE so I'm good. So as long as the EIN is on the W9, it really doesn't matter what the name is correct?

I don't know the details about the licensing there, but I'm pretty sure corporations are specifically licensed and while you can DBA yourself as a business name, you can't dba as another existing person or corporation.

I suspect that your grief is because your corporation is NOT licensed.

 

[LdiJ]

What is the name of your state? CA

I tried searching but "W9" and EIN" are under the 4 character limit.

I'm a mortgage broker and I have an EIN number for my corporation (not LLC). As I'm filing out applications with wholesale lenders, I have to fill out a W9. I put down my corporation's name but some lenders don't like it because it doesn't match what's on my license with the DRE (my full name). They want me to put my name on line 1. Does it matter what the name says on line 1 of the form seeing that I'm also putting down my EIN?

Thanks for any and all advice!

Keith

Yes, it matters.

The "name" and the taxpayer ID number need to match. Either the W9 has to contain the company name and the EIN number, or it needs to contain your personal name, and your social security number. The W9 determines how the wholesale lender will issue the 1099.

If you put down your name, but the corp's EIN number its going to cause confusion. If you put your name and SS numbers its going to make your taxes more complicated. Not impossible to manage, but more complicated. In that instance you would really need a tax pro to handle your returns. (and you probably need one anyway)

Try putting the company name first on line one and then including your name....

ie: XXX corporation, John Doe and see if the wholesale lenders will accept that.

Ideally, however, you probably need to get the license changed to your corporate name...that would eliminate all problems.

 

[Netspeed]

Thanks for all the advice. I'm going to call the DRE tomorrow and see what they recommend. I also have an appointment with a CPA on Monday to see what needs to be done.