12/03/2001
It has been our Bank's practice to not give cash back and/or cash checks made payable to businesses. However, we have been handling DBA accounts differently. If the account is set up with an individual name tied to the DBA we have been allowing them to take cash back.Is there any regulation concerning this issue?
12/03/2001
A customer came in and opened an LLC account. On tax ID# we put applied for.We received a letter from his accountant. That says LLC is a single member limited liability company. A single member LLC reports income on Schedule C of the individual's personal income tax return. IRS will not issue an Employer Identification number to a single member limited liability company unless there are employees. Do we need to change the card to his name dba as the company name. His accountant says do not do that, just add his SSN# to the LLC.
11/05/2001
Can a sole proprietorship be owned by a trust? If so is it wise? We were concerned with business liabilities against a trust rather than a person. Example: John Doe trustee of the John Doe Trust DBA "Business Name"
10/01/2001
What is the best procedure to follow when opening an account for a sole proprietor or someone using a fictitious name? My concern is verifying the authenticity of the name and the right of the individual to use this name.
02/05/2001
I have a customer who is in the process of changing all of her assets over to a Living Trust. She has a sole proprietorship checking account that she wants to switch over too. Can we put the Trust' name and then on the second line still put DBA: Jane Doe Motel. I could not find anythingthat says either way.
08/01/2000
05/01/1996
Question: We have an account that has been overdrawn for over a month. We've written to the customer three times about the overdraft, and he still hasn't made it good.
08/01/1995
Question: Can a partnership account be an interest bearing account-a NOW account?