There’s a difference with the estate EIN versus the EIN that is assigned to your SPC trust, and we hope to clarify that in this post.
The Estate EIN For The Debtor Explained
The Estate EIN that is assigned to your strawman is an EIN created as an ‘estate’. For instance, if your strawman name is MARIA JANE AWARE, the name of your estate EIN will reflect MARIA JANE AWARE EST. This EIN can be used to open a U.S. bank account.
The Estate EIN For The SPC Trust Explained
The Secure Party Creditor Trust is an estate EIN that’s created for your SPC Trust, but is created specifically for a ‘trust’ which means that the EIN will bear TR after it—in the name. We like to refer to this EIN as the ‘SPC Trust Estate EIN’. The name of this EIN will reflect as MARIA JANE AWARE TR, but it’s an estate EIN.
Many people ask us if a 98 EIN gets created for the SPC trust, and the answer is: No. For the SPC trust, a 98 EIN does not get created being that the SPC Trust is a domestic trust that gets created for your DEBTOR.
The SPC Trust is filed on the public side, like with the Secretary of State’s to put them on notice of your filing.
Both EINs can be used to open a U.S. bank accounts, created separately.
We hope this answers your questions. Should you have any further, please let me know.
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