Hi All,
I’m in the process of applying for an EIN to enable me to set up a bank account for my US structures and have a couple of question I could use some answers on please?
1. Qstn 3 asks for “Executor, trustee, “care of” name”. What is best to put in here? The name of my Aust. discretionary Trust? Or does it have to be either the name of the Trust’s trustee or do they actually want a real person’s name in there?
2. Qstn 7a asks for the name of the “principal officer, general partner, grantor, owner, or trustor” Again can I just put the name of my Aust. discretionary Trust in there? Or does it have to be either the name of the Trust’s trustee or do they actually want a real person’s name in there?
3. Qstn 7b is asking for “SSN, ITIN, or EIN” Isn’t this then a catch 22 question? Do I now also have to apply for an SSN for the Trust or even an ITIN first before I can apply for the EIN?
I realise it is best to speak to a Tax Accntnt, etc., but given 1.) it’s an undoubtedly well-trodden path for many here and 2.) it’s Christmas so difficult to get hold of the Accntnt I’ve been speaking to, I figure a bit of extra advice won’t hurt.
Many thanks in advance?
EP
Hi,
It depends on the type of entity you are getting the EIN for. Shoot me a quick email and I should be able to help,
Exitpoll, you need to apply for and be granted an ITIN first.
I think a reply to my post has been lost somewhere as I received a notification. Let me clarify. You can form an LLC without an ITIN but you cannot be issued with an EIN without first receiving an ITIN. At least one member of the proposed LLC must have an ITIN.
Your right as far as online applications go but, if you apply by mail or fax then as long as the llc is in existence you will get a EIN without the need to have a ITIN.
spyglassltd
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This is very interesting and is something I will be looking at further. Have you actually done this and if so, would you care to elaborate on what criteria you used for the application. I’m already set up but the information would be very helpful for othersYes ive done it many times since 2004 both for my property holdings and companies and have assisted for other investors and clients. Regards what criteria im not sure what you mean but its just following the IRS's rules on how to fill the forms in, and they allow it to be treated differently between online and through fax/mail, im not sure why they would do that, but I know they do.
Page 2 of the SS-4 application has a list of criteria and shows the questions that need to be answered. Obviously you must leave question 7B blank. This is amazing and I am having difficulty believing it is so easy but as you say you have done it many times. I've an appointment with my Accountant tomorrow so will ask her about it too.
Many thanks for your input
No problem…they mention it on their website, I just dug out the link http://www.irs.gov/businesses/small/article/0,,id=97860,00.html
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