A personal services corporation is likely to need a tax ID, but there are some exceptions. If you’re currently running a personal services corporation as the sole owner (sole proprietor) and you have no other employees, then you don’t need a tax ID. Your tax ID when filing your taxes will be your own social […]
Lawyers, accountants, and even veterinarians can all be considered personal services corporations. Under personal services corporations, the entire business is situated around providing a service to individuals or businesses. Often, a personal services corporation is a sole proprietor or some form of partnership, and either way, the majority of the services will be provided by […]
An irrevocable trust can be formed in a few ways. It can be created as an irrevocable trust, it can originate as a revocable trust, or it can automatically switch to an irrevocable trust upon the passing of its originator. Regardless, once a trust becomes irrevocable, it is no longer in the hands of the […]
There are two major types of trust: revocable and irrevocable. A revocable trust is a trust that can have its conditions changed after it’s been formed. A grantor may decide that the trust is going to be dissolved, or may make changes to the beneficiaries and the amounts give. An irrevocable trust is a trust […]
Many schools and community groups foster non profit sports teams. A community sports team is an entity that is focused around facilitating team participation in sports. The sports team is not privately owned or funded, but rather it’s developed for the benefit of the community itself. A sports team may need to perform fundraising, host […]
A partnership is a business relationship under which a single business is owned by multiple individuals. Partnerships are required to have their own EIN/ITIN because they need to file their own tax returns. A partnership will be taxed with flow-through income, which means that each individual partner is responsible for their income and their loss. […]
A non profit organization is an enterprise that does not have owners and does not generate profit for any individuals. For the purposes of the IRS, a non profit organization may also be called a tax exempt organization. Otherwise, a non profit is often created very similarly to a business structure, but rather than being […]
Opening a bank account for a church-controlled organization is the same process as opening a bank account for a church or for a business. To open a bank account for a church-controlled organization, you will need the following: -The initial formation documents for the church-controlled organization. -The employer identification number for the church-controlled organization. -A […]
Opening a bank account for a church is similar to opening a bank account for any other business or organization. First, the church is going to be required to have all its formation documents. Like a business, the church has to have articles that describe its organization, how it works, and who is ultimately in […]
A volunteer or community group is a type of non-profit organization, designed to enrich the local community or volunteer for specific causes. An informally organized non profit or community group is not legally required to have an EIN, but there are situations in which an EIN might become necessary. For instance, if the community group […]
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