The Small Business Tax Help Blog

Posts Tagged ‘EIN’

Question: Sole Proprietorship or Partnership?

My husband and I are starting a small home-based business in Texas. I’m getting ready to make our business official and I had a question. I can’t figure out if having a Sole Proprietorship or partnership is better…I know with a sole proprioter you don’t need a EIN… but I’m not really sure what an EIN is? Does a married couple automatically need to be a partnership?
Texas is a community property state… so bad decisions and bad credit will equally effect us both… my question had more to do with tax benifit of one over the other.

Answer: With a sole proprietorship in your case would mean one of you would in fact need an EIN to legally employ the other. (Employer Identification Number) On the plus side if cars, home, etc are in one persons name I suggest putting the "sole" in the other person's name. That way if the company tanks your assets are safer since the company's owner doesn't own any of them.

Bederra Corporation

1. Bederra Corporation ich stelle Euch hier die Bederra Corp. vor. Ein Unternehmen aus dem Medizinischen Dienstleistungs Segment.

Saft/Osa-Ein Texas-Låt

Question: Credit Card Merchant Accounts?

I recently submitted an application for a business credit card merchant account. It is an existing business with an existing merchant account with another company. This new provider wants me to give them my social security number even though the company has its own EIN/tax ID. Why would they want my social? Does this open me up to financial liabilities of the company? I know if they hard pull my credit information, this has a negative impact on my personal credit rating. The other option is to jump through hoops of sending several years tax returns and months of bank statements. What is the best course of action?
We have been in business for almost 7 years so it is not from lack of history.
This is not for a business credit card, it is for a merchant account to process credit cards.

Answer: When a merchant applies for a merchant account, there are a number of documents that he or she will have to submit. Whether your business is new or an existing one, the application process is the same.

As far as credit history is concerned, a review of the business' financial performance will almost certainly be done during the application process. A typical request a card processing company will make is to see the business' financial statements for the latest two years. The organization's principals will also be scrutinized and they are usually required to provide their tax returns for the latest two years. If not satisfied by the information in the tax returns, the merchant services provider will pull their credit files. Either way, SSN must be provided. You need to understand that banks view a merchant account as a form of a line of credit and the application process is designed accordingly.

What's on: Wed's picks

Events listing for Wed, Mar 3rd

1 Apps AppReview #9 [Tutorial]

DEL STONE JR: New license rules means more paperwork, money needed

Getting a driver license in Florida just became more complicated — and expensive. A new state law that took effect Friday requires extensive identification for a new license or to renew an old license if your name has changed. The requirement…

NYC, Other US State Citizens Targeted. Answer: DO NOT VOTE FOR THEM!!!

In order to get to Jerusalem, you have about an hour bus ride to take. My husband and I had a visit to Jerusalem as a day trip planned. But we quickly realized that this actually is a disgrace. In Jerusalem, there is so much to discover, so much history to touch, many interesting museums, traditional oriental bazaars and much more. This great city is a melting pot of cultures and really not in a day to collect. Especially not if you like history so much as we are both interested. Important in Jerusalem to visit is certainly the Wailing Wall. This is a wall, which from the second temple of the Jews is left. Pious Jews perform their morning prayer here and stuck with a small label requests in the wall cracks. Non-Jews may not really to the wall, so it is off. We wanted to but we do not miss even a small slip in the cracks and are stuck to simply march through the barrier. And really, no one has asked us whether we are Jews or not, impudence also wins here.

Quite autonomic is in Tel Aviv, history and religion play a subordinate role. But you can buy fine, as there are in Tel Aviv many young designers who have their own designs into stores sell. Not to despise is the nightlife of Tel Aviv, there are many great nightclubs. In the south Tel Aviv in the Barzilay 5 (street name), we are at a particularly funny encountered. That is the only Dark Wave / 80 he store it in the whole city. The clientele is mixed and really hip. Great bars can be found also in the Lilli Blumberg Street. Tel Aviv also has great beaches where swimming is wonderful and can surf. Everything you need for surfing, it is possible for small money rent near the beach.

Our whole stay in Ein Gedi, we had planned so that we are always one days Wellness, alternating with a day had. At the wellness days, we had packages with the mud of the Dead Sea had, or went swimming in the Dead Sea and went hiking in the national park. A tip: The hotel is a very special dinner is offered. This is from the kibbutz-grandmother Hadaya prepared and can be used by a maximum of eight persons. We are long over, because the price per person was legally high. As we pay special menu of country-specific courts, with national and Kibbuzproducts had tasted, we were totally impressed. From its cuisine, hospitality and the love with which they each dish is prepared and served.

Incidentally want Jews around the world to the New Year: Next year in Jerusalem. We loved our holiday so much that we will come back next year and visit all the historical sites and museums we missed this time.

Route 6 extension to western Jezreel Valley green-lighted

The National Planning and Building Council has approved a northern extension to the Trans-Israel Highway (Route 6). The extension, to be known as section 7, will connect what is currently the road’s northernmost intersection, Ein Tut, to the vicinity of Tel Kashish in the western Jezreel Valley.

Kings of Leon – Newcastle (new song)

Mayor admits Vineland did poor job of snow removal

Vineland Mayor Bob Romano tells a crowd Monday that the city was unprepared for the nearly 2 feet of snow that fell on the region beginning Dec. 19. ‘We’re in a sad state. This storm is probably a once-in-a-lifetime thing.

TaoTehKing #110 The Project Gutenberg EBook of Tao Teh King, by Lao-Tze