Homeowners and/or condo association is a type of organization where you have a group of individuals coming together for the betterment of a property or a series of properties. When you own a condo, you have your own living space that you own yourself. The condo building, though, and the maintenance that goes along with it, is all up to the condo association or the homeowners’ association. When you have this type of set-up, both of these will need to have an employer identification number.
The homeowners’ or condo association Tax ID (EIN) number is necessary for a few different reasons. For one, you need to have the identifier so that the association can appropriately file a tax return. If you intend to have any funds flow through the association, you will also need a bank account, which also carries the requirement of needing a Tax ID (EIN) number. Take the time as an association to get this number early on to comply out of the gate.