The Small Business Tax Help Blog

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Question: Can a business partner use my EIN to apply for credit ?

I use my own social when applying for a EIN for our joint business with my business partners. I just want to know whether my business partners can simply apply for credit without my approval ?
On paper the business belongs to all of us.

Answer: Yes, without a previously signed agreement to the contrary, your business partner is technically “allowed” to apply for credit without your approval – however, they probably cannot actually do it without turning in a “fradulent” credit application. This is because almost all credit applications require the signature of ALL partners who own 20% or more of the company. If a partner were to fill in such a credit application but only list themselves and leave off of the application any other partner that owns 20% or more, then would have in fact turned in a fraudulent application.

The fact that you gave your social when you obtained the EIN doesn’t have anything to do with the use of the EIN – the EIN “belongs” to the company.

If you want to stop partners of yours from applying for credit on their own wtihout your permission, you should have an attorney draw up a partnership agreement that everyone signs that lays out the basic rules of what the partners have and don’t have the authority to do. This is a simple document that should cost you no more than $100-$150 to get drawn up.

Business credit, corporate credit | Build Unlimited Business

Question: Can I register for an EIN even though I don’t need one?

I am the sole owner of an LLC in missouri. I have no employees. The IRS says my business doesn’t need my own Tax ID.

However, would it be possible and reasonable to apply for an EIN (Employer Identifcation Number) so I don’t have to use my personal SSN when signing documents (like opening bank accounts and such)?

I never intend on having employees, and my business is online, therefore, it doesn’t collect sales tax. However, I would still like my LLC to have its own Tax ID. Is this unheard of?

Answer: I don’t think it’s completely unheard of. Your best bet is to contact the IRS and ask them if this is okay to do. Although it’s pretty much the same thing as putting your own SSN because it all goes back to you.

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Question: IRS question starting a non profit organization?

I want to create a non profit organization to help pay for my own as well as other childrens private school education. Basically I would sell scrip and use the profit to pay for tuition. I would use on EIN numbe for banking only. I dont want to have to file as a none profit organization and pay the 300 dollar fee. I dont plan on making more then 5000 a year which would mean I would not have to file a tax return. Is it illegal at all to use the profit to pay for education since education is not able to be a tax deduction. Also is it illegal for my children to benefit from my non profit organzation?

Answer: Not gonna happen. You cannot form a non-profit organization that benefits a specific individual, in this case yourself and/or your children.

It would be OK if you formed one that would assist with the education of a specific disadvantaged group, say rural or inner-city youth, however neither you nor your children could receive any benefit from the organization.

900 Vermont nonprofits lose tax-exempt status

The Internal Revenue Service has announced that about 900 nonprofits in Vermont — out of about 275,000 organizations nationwide — have lost their tax-exempt status because they failed to file required reports. That means donations to those nonprofits are no longer tax-deductible.

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