Frequently Asked
What is a Conservatorship? | IRS Definition of a Conservatorship
Sometimes an individual is not able to take care of their own financial or legal responsibilities. This can be because someone has aged, because they have a physical incapability (such as being in a coma), or because they have a mental disability. A conservatorship lets someone else become their guardian. Conservators will maintain the individual’s […]
Does a Social or Savings Club need a Tax ID (EIN)?
A social or savings club will likely need a tax ID if it wants to start a bank account. Most social or savings clubs are designed to pool money from multiple individuals into a single account, and consequently they need to be properly structured, and they need a tax ID. Once the tax ID is […]
What is a Joint Venture? | IRS Definition of a Joint Venture
Unlike a legal partnership, a joint venture is by nature impermanent. Joint ventures are undertaken on a project-by-project basis, pooling the resources of two or more entities towards a common goal. During a joint venture, multiple labs may pool their resources to complete specific research, or factories may pool their resources for the purposes of research […]
How to Open a Bank Account for a Personal Service Corporation
A personal services corporation can open a business account in two ways. If the personal services corporation is run by a single person with no employees, that person can open a business account under their own name and social security number. Many simple bank accounts can be opened up online or through a phone call; all the […]
How to Open a Bank Account for a Non-Profit Organization
A non-profit organization will want to open a “business account,” even though the organization isn’t intending on generating revenue. A business account generally expects higher levels of transactions, higher balances, and higher standards of customer care. Before setting up a bank account, the non-profit organization should collect: The formation documents for the non-profit organization. Documents for the […]
How to Open a Bank Account for a Church Organization
A church organization will open a bank account like any non-profit organization or business. First, the church organization should get its documents together. These are the documents that form it as an entity and formalize its structure, and it also includes any documents filed with the government regarding its formation. Then, the church organization should make an […]
What is a Charitable Remainder Annuity Trust? | IRS Definition of a Charitable Remainder Annuity Trust
A charitable remainder annuity trust fulfills two missions: It gives wealth to a beneficiary and to a charity, at differing times. This unique type of trust is specifically designed for high net worth individuals who want to take care of their family members while still ensuring that assets ultimately go to charities. During the life of […]
Does a Partnership need a Tax ID (EIN)?
A partnership is going to need its own EIN (employer identification number). One of the primary differences between a partnership and an LLC is how they are taxed. An EIN is also used as a taxpayer identification number. Since a partnership is naturally composed of more than one entity, it cannot use the social security number, […]
Does a S-Corp need a Tax ID (EIN)?
Technically, an S-corporation does not need a tax ID. However, it is recommended that an S-corporation have one. Tax IDs/EINs can be complicated, so it’s important to make sure you have everything you need when creating a new company. Tax IDs/EINs are not acquired when a company is first formed, and they aren’t required at that time. However, […]
Does a Conservatorship need a Tax ID (EIN)?
A conservatorship occurs when an individual becomes responsible for the financial affairs of someone else, often due to their mental inability to manage their own finances, or advancing age. Conservatorship can even occur if someone is physically temporarily disabled, such as experiencing a debilitating illness. During conservatorship, the conservator won’t necessarily need a tax ID, […]
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