What would prohibit the bank from using the SSN for all business activity? Is a limited partnership required to have a Tax Identification Number (TIN) or is a person's Social Security Number (SSN) sufficient?
There are five types of Taxpayer Identification Numbers.
Taxpayer Identification Number for Pending U.S. Adoptions "ATIN"
Preparer Taxpayer Identification Number "PTIN"
A SSN is issued for an individual by the Social Security Administration and an EIN would be for the business (issued by the IRS), in this case your limited partnership. Some businesses are recognized as an extension of the individual (such as sole proprietorships) and SSNs may be acceptable to your bank and the IRS.
I would recommend having the attorney and tax preparer who help you establish your limited partnership advise you and assist as needed in getting your EIN. As a partnership, this is what you'll need. You will also find information on the IRS website.
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There are five types of Taxpayer Identification Numbers.
