FAQ's about Corporate Sole

1. Can I open a bank account without an EIN # for my Corporation Sole?

Corporations Sole do not have EIN#s. The banks accept the SSN for Counter identification only. IRS has stated, in writing, "Corporations Sole are not issued EIN#s, as they are constitutionally based documents."

2. Can Corporations Sole own LLCs, et. al.?

It is not illegal; however, it is not adviseable. At tax time, the sole must issue a K-1, which requires an EIN#. Securing an EIN#, would sacrifice the constitutionally designated power of the Sole. A "non-applicable" response to the K-1 has not been tested in court. This situation may bring a challenge from the IRS.

The proper way to link the two is to have the mission of the LLC, et. al. to raise money for the sole. There should be no other legal connection to stay within case precedent.

3. What is the power of the Sole?

Click Here and read the landmark decision of the 1839 case,
"The Overseer Of the Poor of Boston...'"

4. Why do i need an LLC, et al.?

If you are doing non-sole business, e.g.investing, where an EIN# is required, you need a for-profit or non-profit Statutory company.