• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

sole proprietorship checking

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

S

svs

Guest
If sole proprietors need to open a business account or can a personal account be opened, I have had this business for over 10 years and now my bank says I need a business account?, they will not let me deposit my business checks there any longer.it's a very small business, just me, no vendors to pay out to regularly,please let me know, i also asked about another banking or checking problem but no one replied,
 


L

lawrat

Guest
I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.

From what I understand, sole proprietors don't need a TAX ID number or anything corporations or partnerships need. That is the whole point of a sole proprietorship.
http://www.irs.ustreas.gov/tax_stats/sole.html
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top