QUESTION
Can I open a checking account in the name of HOA without a tax id and without a formal HOA being established?
Asked on Sep 24th, 2014 on Residential Real Estate - Pennsylvania
More details to this question:
We do not have a formal HOA established because of the need to protect us from some other legal issues going on with a pump house, RE developer, township, etc. However, we have all contributed $$ towards lawn maintenance, engineers, and attorney services and are looking to establish a checking account to manage the funds and pay invoices for above stated services. What is the best/legal way to do this?
1 ANSWER
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The short answer to your questions is "no", the bank will require that a tax ID be associated with the bank account. It can be an individual's tax ID. But your question relates to a larger issue. If there are two or more unrelated persons involved in some type of common enterprise or goal, you are best served by putting some type of agreement in writing concerning ownership and use of the money, future contribtuions and withdrawals of the "partners". You can obtain a tax ID for an unincorporated association. The instructions for the SS-4 Form are farily easly to follow.
Answered on Sep 24th, 2014 at 11:33 AM