Hello, warrenyts-ga!
Forms SS4 and 2553 are relatively easy to fill out and simple to send
in to the IRS. Opening a business account is also an easy procedure
which merely entails that you bring in a few, necessary documents to
the bank of your choice.
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How do I file and SS4 Form with the IRS?
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The SS4 Form is used to apply for an Employer Identification Number
(EIN), also known as a Federal Tax Identification Number. You can
apply online, over the phone, or copy the form and fax or mail it in.
The Internal Revenue Service website has some basic information about the EIN:
http://www.irs.gov/businesses/small/article/0,,id=98350,00.html
How to Apply
=============
http://www.irs.gov/businesses/small/article/0,,id=97860,00.html
Form SS4 for Online Application
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https://sa.www4.irs.gov/sa_vign/newFormSS4.do
Printable SS4 Form
====================
Here is a visual copy of the SS4 form from the IRS website which you
can print off and fax or mail in once you have filled it out. Scroll
to page 2 to read about "Do I Need an EIN?"
http://www.irs.gov/pub/irs-pdf/fss4.pdf
** Form SS4 Instructions ** (In case you have questions about the form)
http://www.irs.gov/businesses/small/article/0,,id=102765,00.html
Frequently Asked Questions
http://www.irs.gov/businesses/small/article/0,,id=108532,00.html
Where to file your taxes (for Form SS4)
http://www.irs.gov/file/article/0,,id=111138,00.html
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How do I file a Form 2553 with the IRS?
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An overview of S-Corp formation and the need to file form 2553 can be
found on About.com:
From "Forming an S-Corporation - Electing S Corp Status using IRS Form 2553."
http://taxes.about.com/od/scorporations/a/scorp_formation.htm
Excerpt:
"A corporation informs the Internal Revenue Service of its choice to
be taxed as an S-Corporation instead of as a C-Corporation using IRS
Form 2553. It is extremely important for a newly formed corporation to
make this decision early."
In order to create an S-Corporation, the organizers of the business
must take the following steps:
1. Draw up articles of incorporation, by-laws, and various resolutions,
2. Incorporate the business as a corporation in the state where the company
will conduct the bulk of its business,
3. Verify that the corporation meets the eligibility criteria for being an S-
Corporation, and
4. Notify the IRS of its intention to be taxed as an S-Corporation by filing
IRS Form 2553 no later than the 15th day of the third month following its
date of incorporation.
Read further...
FORM 2553
=========
http://www.irs.gov/pub/irs-pdf/f2553.pdf
About Form 2553
===============
http://www.irs.gov/instructions/i2553/ch01.html
Instructions for Form 2553
===========================
http://www.irs.gov/instructions/i2553/ch01.html
Tips for Filing Form 2553, Election by a Small Business Corporation
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http://www.irs.gov/businesses/small/article/0,,id=150281,00.html
Where To File
=============
* Send the original election (no photocopies) or fax it to the
Internal Revenue Service Center listed below. If the corporation files
this election by fax, keep the original Form 2553 with the
corporation's permanent records.
http://www.irs.gov/instructions/i2553/ch01.html#d0e126
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How do I open a Business Bank Account?
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This is very simple! A business account is really no different than a
personal account, except that the account is under the business name
and allows you to keep your business transactions separate. A
preliminary phone call to your bank should provide you with the list
of documents they require to open an account.
The importance of maintaining a separate business account is highlighted below:
"It is very important for corporations and LLCs to keep the finances
of the business separate from those of the owners. To open a business
bank account, most banks require information on the company, such as
its formation date and type of business, and names and addresses of
its owners. Some banks require corporations to provide a resolution
from the board of directors or LLC members/managers authorizing the
opening of the business bank account. In New York, a corporate or LLC
seal is often required. It is advisable to contact the bank about
their business bank account requirements prior to trying to open an
account. That way, you will come prepared with all the necessary
items."
See "Business Startup Checklist."
http://www.bizfilings.com/toolkit/StartUp.asp
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For an example of documents that your bank may require, see the Bank
of America small business checking account section (Click on your
state):
http://www.bankofamerica.com/smallbusiness/checking/index.cfm?template=check_open.cfm
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ADDITIONAL RESOURCES
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Some common questions for small business can be found on "My Own
Business Small Business Tax Center
http://www.myownbusiness.org/business_taxes.html
The Small Business Administration
http://www.sba.gov/starting_business/index.html
Business Owner's Toolkit
http://www.toolkit.cch.com/
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I hope these references are helpful. If I can clarify anything
further for you, please don't hesitate to ask.
Sincerely,
umiat
Search Strategy
Form SS4
Form 2553
Form 2553 filing
IRS.gov
business account |
Clarification of Answer by
umiat-ga
on
21 Nov 2005 21:03 PST
PLEASE ignore that last link! I was looking at a totally different
page that was NOT a bank account, and accidentally pasted it in the
clarification box. Unfortunately, there is no way for researchers to
delete a post once they have pressed submit, making for some
embarassing mistakes at times!
Now - for a valid example form for adding additional users to an
online corporate account, see
http://www.eastwestbanker.com/info/AppFormCorp.pdf
Basically, many corporations allow banking access to their secretary,
accountant, etc. - either to their online or offline bank accounts. If
you do not want to use online banking, and many do not, simply go to
your bank to get the additional signature forms.
I hope this helps to answer your question.
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