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How do you open a bank account for a block association?

lindalindagm
lindalindagm
edited November -1 in Prospect Heights
Yep, it's me again...what is necessary to open a BA for your BA, so you have a place to store your dues? Some people also said it gave the Block Association more credibility. What do you think? You can PM me if you prefer. My very best, Linda

Comments

  • daver
    daver
    Clicky

    Oh, and yes, I agree it gives more credibility than saying, "Just make the check out to Linda..."
  • daver
    daver
    Clicky

    Oh, and yes, I agree it gives more credibility than saying, "Just make the check out to Linda..."
  • danaeo
    danaeo
    The community board can give you more advice on this.

    You might want incorporate your block association before you set up a bank account. I believe there's information on the state's website about this.

    In our block association, we pay our dues in cash to the treasurer and no one asks for a receipt. It will take him years to amass enough to leave the country.
  • danaeo
    danaeo
    The community board can give you more advice on this.

    You might want incorporate your block association before you set up a bank account. I believe there's information on the state's website about this.

    In our block association, we pay our dues in cash to the treasurer and no one asks for a receipt. It will take him years to amass enough to leave the country.
  • tajmb
    tajmb
    Banks will need a legal entity with a tax id number (TIN) to open an account. Is there a lawyer on the block that can help you set it up? You can probably put it in someone's name and SS# and add an FBO (for the benefit of) the block association.
  • tajmb
    tajmb
    Banks will need a legal entity with a tax id number (TIN) to open an account. Is there a lawyer on the block that can help you set it up? You can probably put it in someone's name and SS# and add an FBO (for the benefit of) the block association.

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