opening a checking account for homeowner assoc opening a checking account for homeowner assoc? On 1/26/2012 11:43 PM starting  . a           Homeowners Association with 0 employees in Indianola, IA  , 50125, IA Warren County               vii - You need a business tax registration and a fictitious business name registration.  In lieu of registering a ficitious business name, You could become an S  or C corporation or set up an LLC.             Click Here to Submit It. Frequently Asked Questions: Q: I started a business as a partnership but never really took off. Do I still need to file an IRS return? A: If you filed for a a partnership but never started a business, you need to file a tax return anyway and just fill out the gross business income as zero. Otherwise the IRS will charge you with a penalty for non filing the return. Q: What if the independent contractor is an LLC or corporation, do I still need to send them a 1099 form? A: To be safe, yes, send everyone that does any work for you for more than $600 a 1099 form. Q: What is the threshhold before I am required to file a business tax return? Even if you made $0 dollars, you still need to file a business tax return. Q: What is an EIN Used For? A: You can use an EIN to pay employment taxes withheld and use it as a corporation, LLC or business tax ID number as a sole proprietor or partnership or you can combine any of the previous uses of an EIN. IA Tax ID Number. IA Tax ID.