QUESTION
We have a small business of rental apts registered with the state as an LLC. We never had the rental acct set up with the bank as a business acct.
Asked on Oct 16th, 2012 on Business Law - Florida
More details to this question:
The assoc. at bank highly suggested for tax purposes the account be set up under the business number provide by the state. He said it was the number on the licence we renew each year.We would like to know if this is correct and what other information we should know when setting up this business account at the bank. Thank you for your time. Good day.
1 ANSWER
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The business account should be in the NAME of the business. It is essentially irrelevant whose tax ID number is used to set up the account, except that the bank is interested in knowing that the tax ID is that of its depositor. That is the bank's problem and they will make it yours.
Answered on Oct 20th, 2012 at 2:11 PM