I have learned so much from your website. Thank you for your expertise. I am part of a co-op that currently has 22 families. I was one of the five founding members. We need to open a bank account. I am in Texas. I am confused about whether or not I am supposed to get us recognized through the state as a corporation before I can get us an EIN and open a bank account for the group.
My bank told me that we need the “assumed name certificate” as well as the EIN.
I’m glad my website was helpful.
You do not have to be incorporated before getting an EIN (Employer Identification Number) from the IRS. Your unincorporated association can get an EIN.
But if you do become incorporated someday, your group will be a new legal entity and need to get a new EIN at that time.
If your group is opening a checking account under a fictitious name, then you will probably need to register that name with the state or county. In my state of Ohio my homeschool co-op had to file a name registration with the state and give some of the officer’s names.
I hope that helps.
Carol Topp, CPA