A church-controlled organization, being a separate organization from the church itself, does need its own Church Tax ID or EIN Number. This EIN will be used to open bank accounts, hire employees, get permits from the state, and generally operate and run the organization. An EIN functions much like a social security number, but for […]
As a church generally doesn’t need to pay taxes, some might think that it doesn’t need a tax ID. However, a church does need a tax ID, as it still needs to file taxes even though it may not pay them. A church uses its tax ID number to identify it to the government, as […]
Opening a bank account for an LLC (Limited Liability Company) requires that you first organize your documentation. You will need your company’s state certificate, your Limited Liability Company’s EIN Number, and information about the principal owners of the company (anyone with more than 20% ownership). Your bank may or may not also request your Articles […]
A Limited Liability Company (LLC) will usually need a tax ID number. A tax ID number is also known as an employer identification number (EIN) as it fulfills both roles; it identifies the business for the purposes of taxes, and also identifies the business when hiring employees. There’s only one exception: a single member LLC […]
As an individual, when you declare bankruptcy, a bank account will be opened for your bankruptcy estate. This bank account will be used to manage your assets, liquidate necessary assets, pay off your debts, and dissolve your debts. Your bankruptcy trustee will be in charge of this bank account and will manage your assets for […]
An estate is likely to need its own bank account, whether it’s the estate of a deceased or otherwise. The estate’s bank account will be used to pay the debts for the estate and to collect income for the estate, such as a mortgage for an estate property, and rent for the same property. The […]
An LLC is a “limited liability company,” defined as a type of company that can either decide to be taxed as a corporation or as a partnership. This is the major advantage of an LLC; it offers some of the limited liability of a business, while still being flexible for tax purposes. The downside of […]
When managing an estate of deceased, one of the first things that you will need to get is a tax ID. A tax ID, also known as an EIN, is needed to identify the estate as a separate entity from the individual who provided the assets into the estate. Often, an estate is formed when […]
A Bankruptcy Estate (Individual) is formed when a trustee is assigned to take care of an individual’s assets. This requires that a new legal entity be made and that an EIN be obtained for the Estate of Deceased. A trustee is going to take care of the bankruptcy estate, pay off the debts they can, […]
During the process of a bankruptcy, an estate is formed to distribute an individual’s assets while also paying off their debts. This separate entity is created with an additional “Estate EIN” to distinguish itself from the individual declaring bankruptcy; it’s no longer under the individual’s SSN or ITIN. Once the process of bankruptcy has been […]
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