Am a Sole Proprietor, can I open a Current Account in a Business Name and do I need to apply for TAN for TDS?

Question

Am a sole proprietor, when I went to a bank recently to open a current account under my business name they told me that the business name needs to be registered (I thought sole proprietors don't need to have to register under Registrar or Companies) and secondly, I'd need to have a TAN to deduct tax at source. But I have two employees who don't fall under taxable limits, do I really need a TAN?. I thought I'd clarify before I approached another bank again.

Answer 1

I was told I need a T.I.N....Tax Identification Number. However, I have a fictitious name for my business. If you go by your name your social security number is fine! If it is in your name all checks must be made out to you.
Good Luck & I hope this helps!

Answer 2

As a sole owner you and the business are one being, there are many ways to open accounts. If the business name and your name are different then you do if fact need to register a fictious business name, Usually costs about 20 to 30 bucks, and takes a couple weeks to complete the whole thing. That tyies your personal name with the business so people can track things down. At the bank they really shouldn't care about your tax filings its none of their business, they will however have to have either you ssn or the businesses fedral tax id number so that the irs can keep track of how much money runs through your account if need be. If you have employees workers comp insur is a mandantory in everywhere I know of. Turning in tax on them is required unless you obtain permission first from the Irs saying that you don't have to, and I have never seen them give anyone permission not to pay taxes, even if at the end of the year they get it all back the government wants to hold the money just in case they qualify to pay taxes. Your ssn should be acceptable in place of a tan if the business is registered in that city.

Answer 3

you would be able to desire to sign up the enterprise as a sole proprietorship. you besides would would desire to rfile to the IRS at tax time. you will desire to open up a business enterprise economic business enterprise account once you start up making the money. additionally only remember to are retaining meticulous books. unfavourable administration is the type one reason companies fail. So be very careful which contain you funds.

Answer 4

You should be able to open in your business name as long as you are using your ss#. We use our names and then the next line is DBA

Answer 5

You need to to do a "fictious name" deal
Contact a "small" local paper and ask for info.
No problem,low cost.

Take it easy!