Am a Sole Proprietor, can I open a Current Account in a Business Name and do I need to apply for TAN for TDS?
Answer:
I was told I need a T.I.N..Tax Identification Number. However, I have a fictitious name for my business. If you go by your name your social security number is fine! If it is in your name all checks must be made out to you.
Good Luck & I hope this helps!
You need to to do a "fictious name" deal
Contact a "small" local paper and ask for info.
No problem,low cost.
Take it easy!
You should be able to open in your business name as long as you are using your ss#. We use our names and then the next line is DBA
As a sole owner you and the business are one being, there are many ways to open accounts. If the business name and your name are different then you do if fact need to register a fictious business name, Usually costs about 20 to 30 bucks, and takes a couple weeks to complete the whole thing. That tyies your personal name with the business so people can track things down. At the bank they really shouldn't care about your tax filings its none of their business, they will however have to have either you ssn or the businesses fedral tax id number so that the irs can keep track of how much money runs through your account if need be. If you have employees workers comp insur is a mandantory in everywhere I know of. Turning in tax on them is required unless you obtain permission first from the Irs saying that you don't have to, and I have never seen them give anyone permission not to pay taxes, even if at the end of the year they get it all back the government wants to hold the money just in case they qualify to pay taxes. Your ssn should be acceptable in place of a tan if the business is registered in that city.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: