Problems setting up EIN and trade name for team

[Mike McDaniel]

Since there's really nowhere else left to ask, I guess this will have to do...

I'm trying to move my team's bank account out from under my name to a separate EIN. I've filled out the IRS paperwork and have an EIN - that was no problem. But now the bank is demanding a "trade name" form from the state of Maryland - which, of course, wants $25 to start...and I have NO idea just what sort of tax liabilities they will try to slap us with.

I'm trying to keep the paperwork and tax liabilities to a minimum. It's gotten harder and harder just to keep up with the paperwork.

Any advice would be most welcome.

[JimB]

Mike,
See Page 19 of the Jan/Feb/Mar 2009 issue of the Skirmish Line. Andy La Patra was kind enough to update his artical from an earlier issue concerning team and regional bank accounts. Jim Baird

[Gary Van Kauwenbergh, 101]

I'm not familiar with Maryland, but in Wisconsin, not for profit entities have to register with the Secretary of State. The SS4 you filed was to get an Employer Identification Number (EIN) from the Internal Revenue Service(IRS). One is a State organization, the other is Federal. We're also required to file a short annual report with the Secretary of State - with a $10 filing fee each time we do.

One caution, if the first four characters of the name you put on your bank account don't match the first four characters of the name assigned to the EIN the IRS assigned you, they will eventually start asking questions...