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Question: how do you set up an account with a bank on your project’s name?

So here’s the detail: I have this project to realize in USA, so I’m having a little fundraising for that to happen for administrative, shipping, handling and installation costs. And I wanna set up an account on my project’s name. When I visited the bank they were telling me that it’s a business account?and that i need to file and legalize the name of the project, so i called the # they gave me; and to file the name, they were asking if it is for non-profit organization?It’s just a personal project that I happened to need some donations.So please help; is there any way to set up an account on my project’s name, so the people could donate directly to that account?Any ideas?

Answer: You are operating as a sole proprietorship and that is a legal business structure. There are two things that you can do to satisfy the bank’s requirements and also keep this simple.

1. You will have to obtain a Tax ID Number – basically this is the social security number for the business. It is used to open bank accounts and establish a unique identify for the business with the IRS. There is no fee and it can be obtained on line at https://sa2.www4.irs.gov/sa_vign/newFormSS4.do

2. Next, get a local license for your “business” this is issued by local county tax offices and general cost between $15 and $50 depending on where you live.

No, you are not a non profit organization even though your project may be benefiting others. Though you are calling it a project, if you are raising funds, paying expenses and opening a bank account, you are functioning like a small business. It’s just a temporary one.

Hope this helps.

DaJuan Tircuit

http://businesscredit.wordpress.com

www.rhemafundingsolutions.com

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