Frequently Asked

ITNS FAQ ENTITY PTNR How to Open a Bank Account for a Joint Venture

How to Open a Bank Account for a Partnership

When opening a bank account for a partnership, the bank account will function very much like a business joint account. You and your partner (or partners) will meet with a commercial banking specialist. They will need information from every partner about their identity and will likely check both their credit and their banking history. They […]

19 ITNS FAQ ENTITY SCORP How to Open a Bank Account for a S Corp

How to Open a Bank Account for an S-Corporation

To open a bank for an S-corporation, you should first collect all your corporation documents. Make an appointment with a business banker at the bank of your choice, and go in with all majority shareholders of the business. Those who are going to be able to withdraw funds from the bank account will need to bring […]

17 ITNS FAQ ENTITY S CORPWhat is an S Corporation IRS Definition of a S Corp

What is an S-Corporation? | IRS Definition of a S-Corp

An S-corporation is a type of small business corporation that has what’s known as “pass through income.” The income simply passes through from the S-corporation into the business owners themselves, and the business owners become responsible for any profits and losses for the business. S-corporations are chosen because the funds involved aren’t taxed twice. Instead, the […]

13-ITNS-FAQ-ENTITY PSCORP Where Can I Find a Personal Service Corporation Tax ID Application

Where Can I Find a Personal Service Corporation Tax ID Application?

Personal services corporations are special types of corporations in which the company’s owners themselves provide at least 20 percent of the company’s own services. Accountants, lawyers, and medical professionals (and other clinicians) often establish personal services corporations. The founding partners may provide 20 percent of the company’s services, and other members may provide the rest. The chief […]

What is an Irrevocable Trust? | IRS Definition of a Trust

Irrevocable trusts are frequently used as inheritance vehicles, to reduce taxation and to control the allotment of funds to children, grandchildren, and even charities. When a grantor sets up an irrevocable trust, they put assets (cash, stocks, bonds, real estate, or anything else) into a trust account, and then they state how that money will […]

Why Does an Estate of Deceased Need a Tax ID / EIN Number?

When someone passes on, their social security number is retired. A final tax return is filed, and that’s it. So, an estate of deceased is going to need a tax ID / EIN number of its own, because it can no longer use the deceased’s number. A deceased’s estate may carry on for some time, […]

Where Can I Find a Corporation Tax ID Application?

You can file for a tax ID (also known as an EIN) either during the process of establishing your corporation or once your corporation has been established already. Sometimes a corporation can exist for some time before they need a tax ID, because a tax ID is prompted by a number of things: hiring an […]

Does a Receivership need a Tax ID (EIN) Number?

When a company goes into bankruptcy or intense restructuring, it’s often placed in receivership. A receivership means that a third-party is responsible for the company and getting it back into shape, with the goal of restoring its profitability and paying off or restructuring its debt. At the end of the receivership, the company is able […]

Does a Revocable Trust need a Tax ID (EIN) Number?

In reality, there are two answers here. Yes, a revocable trust needs a tax ID. But it doesn’t need its own tax ID. A revocable trust uses the social security number of its grantor as its tax ID. A grantor will place assets into the revocable trust, and their SSN will be used for tax […]

What is a Revocable Trust? | Definition of a Revocable Trust

A revocable trust, by definition, is a trust account that can be revoked. Specifically, trust accounts are accounts in which grantors deposit assets for the benefit of a beneficiary. Trust accounts can be quite simple, such as a trust account holding $100,000 for a grandchild until they become 18. Trust accounts can also be more […]

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