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Partnership Reporting

Question: 
Can a partnership report under one of the partner’s social security number, rather than filing for a EIN?
Answer: 

No, a partnership is a separate legal entity from the partners. It must have an EIN. From the bank's perspective, CIP regulations not only require that you get a TIN from a U.S. person, they require you to get the right TIN according to IRS guidelines.

First published on BankersOnline.com 11/16/09

First published on 11/16/2009

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