Jakedasnake
Active Member
- Aug 11, 2012
- 252
I was wondering, for those of you without, any other businesses, did you use you S.S. number, or an EIN number to start your Gun Trust bank account?
Gun Trust and EIN or Social Security #?
- Thread starter Jakedasnake
- Start date
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fleaman64
Ultimate Member
- May 12, 2011
- 1,367
I used SSN. I don't anticipate making a profit in the trust but if you do, you will have to file a separate tax return for the business if you establish an EIN.
Just more reasons for the gubmint to look up your icehole with a microscope...
rob-cubed
In need of moderation
Started mine with an SS number.
I didn't feel the need for an EIN. If the trust does make a profit, it's easy to get an EIN associated with it should taxes need to be paid. At the moment I'm not planning on selling, just buying.
A trust is more like a corporation than a person in terms of buying and selling of property.
I'm still new at this though.
I didn't feel the need for an EIN. If the trust does make a profit, it's easy to get an EIN associated with it should taxes need to be paid. At the moment I'm not planning on selling, just buying.
A trust is more like a corporation than a person in terms of buying and selling of property.
I'm still new at this though.
Lex Armarum
Ultimate Member
- Oct 19, 2009
- 3,450
Making a profit on the trust is a minute consideration when deciding whether you should secure an EIN for your trust. An EIN is good for separating your trust finances from your personal finances. Whether one needs an EIN for their trust is relative to one's tax situation and the complexity associated therewith.
As for a trust being more like a corporation, I'm not sure I can agree with that statement. A trust is like a trust and a corporation is like a corporation; they are separate and distinct legal entities with respective legal obligations.
Jakedasnake
Active Member
- Aug 11, 2012
- 252
Thanks guys! I consulted with a Accountant today, and he told me it was fine to utilize my SS#. So thanks a Million, especially you Rusty!
I will simply say that when I consulted a trusted friend in the financial industry who works with trusts every day, he told me to use my SSN.
Jakedasnake
Active Member
- Aug 11, 2012
- 252
I set up my account with The Federal Credit Union! They were extremely courteous, and welcomed me with open arms.
- Sep 16, 2008
- 1,007
Bank of America's customer service stank for me anyway, closed a business account in < 60 days. They actually deducted a penny from a commercial bank account and couldn't tell me why. Closed it out and told them I wanted my penny back too.
BB&T on the other hand has been pretty good, customer service in the branches not quite like 10 or so years back, but they generally try. Branches all over, especially around here. A trust was pretty much nofuss/nomuss took about 45 min, but the guy apologized and said he doesn't open them often. Set up the other trustee later w/no problems.
rob-cubed
In need of moderation
My account is with M&T. An IP here had their account suspended because M&P said they were in the "gun business". But my trust actually has "gun" in its name and so far they haven't said anything.
I would go with a smaller credit union if I had to do it over.
I would go with a smaller credit union if I had to do it over.
I checked out the anti gun story relating to M&T with the manager in Edgwater. She stated that the company does not have an anti gun policy and she too is a shooter.
I also looked all over the web and cannot find any other issues relating to firearms and M&T. Perhaps the OP that had the problem may have run into a anti manager with their own agenda.
John
I also looked all over the web and cannot find any other issues relating to firearms and M&T. Perhaps the OP that had the problem may have run into a anti manager with their own agenda.
John
Did you finally get it from them?
John
John
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