When completing Form BD, a Social Security number is not needed when the applicant is what type of entity?

When completing Form BD, which is used to register as a broker-dealer, a Social Security number is not required for corporations. This is because corporations are distinct legal entities separate from their owners, meaning they do not possess individual Social Security numbers. Instead, they are identified by their own Employer Identification Number (EIN), which serves a similar purpose for tax identification and regulatory activities.

In contrast, individuals, sole proprietorships, and partnerships typically require a Social Security number because they are tied directly to individual persons. A sole proprietorship, for instance, does not have a separate legal identity from the owner, and partnerships involve direct personal liability linked to the partners, making Social Security numbers essential for their registration and compliance purposes. Thus, the requirement for a Social Security number varies depending on the type of entity applying.