Because the Responsible Party is intended to be a single point of contact for the entire company, the Responsible Party must be an individual (unless the applicant is a government entity). The individuals qualified for designation as the Responsible Party depend on the specific entity. For companies traded on a public exchange or registered with the Securities and Exchange Commission, the Responsible Party must be the principal officer of the business (if the business is a corporation); or a general partner (if the business is taxed as a partnership). If a corporation or other entity acts as the general partner in a partnership, the Responsible Party will be the principal officer of that entity. For all other entities, the IRS requires the Responsible Party to be a person “who has a level of control over, or entitlement to,” the entity’s funds or assets that enables the individual to “control, manage, or direct the entity and its disposition of funds and assets.” While the IRS criteria for Responsible Parties is narrow, it is crucial for businesses to carefully consider who they designate as their Responsible Party to ensure they remain in compliance with all applicable tax obligations and stay up to date on all IRS communications.