Answer:
by Randy Carey:
Sure, if you think going down and paying $10 to the county clerk to get a fictitious name certificate meets this requirement:
(iii) Is incorporated or organized under the laws of the United States or a State, or is registered as and eligible to do business within the United States or a State;
Answer:
by John Burnett:
Many sole proprietors (SPs) are not required to "register" with anyone in order to legally do business, especially if they operate under their own names. Some may be required to obtain a license to operate (barbers, plumbers, electricians, physicians, CPAs, etc.), but that still leaves huge numbers of SPs that don't need licensing or registration to operate. Without some form of government or agency recognition, your designation of such an SP as an exempt person would be easily challenged.
Answer:
by Kathleen Blanchard:
If your "DBA" is an entity such as a corporation or LLC doing business under another name, then it can. A DBA is not a " thing"; it is a trade name that can be used by a sole prop or an entity of any kind, even a bank.
Answer:
by Ken Golliher:
Assuming that "DBA" means a sole proprietorship (as noted, that is not always the case), the following is from FinCEN Advisory No. 10 (October, 1998):
15. Are sole proprietorships eligible for treatment as exempt persons?
A sole proprietorship may be treated as an exempt person if it meets the definition of a non-listed business or a payroll customer. When designating a sole proprietorship as an exempt person, a bank must take those reasonable and prudent steps to assure itself that the sole proprietorship is a bona fide business.
The Advisory is no longer published on the FinCEN web site, but if the customer meets the qualifications of a Phase II "exempt person," the Advisory's presence or absence simply isn't relevant.
Supplementing that is the fact that Part II of the DOEP form has an "If entity" check box. Obviously, it would be checked if a business was a corporation, partnership, LLC, etc. It would only be left blank if it was being filed on an individual; i.e. a sole proprietor.
Answer:
by Randy Carey:
Hence it goes back to my original statement: Does "paying $10 to the county clerk to get a fictitious name certificate meet this requirement" ?
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