Business Credit Card Questions (Chase)

Discussion in 'Other Credit Card Programs' started by richinaz, Mar 17, 2012.  |  Print Topic

  1. richinaz
    Original Member

    richinaz Silver Member

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    Until last year I never had a business, but now I have a LLC and a rental property (if it matters it is in AZ and I'm living in MD). There is also income (i.e., someone renting my property). I applied for a Chase business card and they want more information:

    1. Name of your company - Well that one is easy and I'm not sure why they are asking again.
    2. Verification of tax ID # - In my case it is just my SSN. What do they want for verification?
    3. Proof of business address - I'm guessing that is my rental property address. What kind of proof do they need? A copy of the signed lease?
    I was going to call them up today but, of course, they are only open from 8-5pm M-F. I haven't done this before so if anyone has some helpful tips I'd appreciate it.

    Thanks
    Rich
     
  2. infamousdx

    infamousdx Silver Member

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    2. If you put your SSN, then your business, whether you have one or not, is a Sole Proprietorship. If you wanted to actually use your LLC for the app, then I think you should have put your FEIN.
     
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  3. cvarming
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    cvarming Silver Member

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    I would put my own address as business address. That you business (you if it is a sole proprietorship) owns a rental property is not relevant, and you don't want Chase to mail anything to your rental property.
     
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  4. Pete
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    Pete Silver Member

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    Most single-member LLCs do NOT have (or need) a separate tax ID no. And there is no requirement that you even have an LLC or ony other type of formal entity - - sole proprietorship is just fine (although may not be advisable for tax, liability and other reasons).
     
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  5. richinaz
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    richinaz Silver Member

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    Thanks. I didn't think I needed a tax ID # if I'm the sole member but just wanted to double check. I'll try and call them on Monday and see if I can make any headway.
     
  6. JetsettingEric
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    JetsettingEric Silver Member

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    You should have a separate EIN for your business - even if it's a sole member LLC. The business address matters on their side. I was asked for supporting information because i was incorporated in one state and had an address in another.
     
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  7. akcae
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    akcae Silver Member

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    LLCs like OP's are typically not incorporated, but act as a sole proprietorship with pass-thru taxation using the owner's SSN. Mine is set up the same way. I've had no problem getting business credit cards from AmEx, but I have not applied for one from Chase yet. Amex was fine with my SSN as the EIN and my home address as business address.
     
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  8. Pete
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    Pete Silver Member

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    By definition, and LLC is "incorporated" (actually, it is "organized" - - it is a creature of statute and not a sole proprietorship). But it is a pass-through entity for taxation purposes. At any rate, best if you get your liability and tax advice from somewhere other than a travel IBB. ;)
     
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