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Updated almost 8 years ago on . Most recent reply

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Ketan Pattani
  • Houston, TX
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13
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Paying Earnest money from personal funds for LLC

Ketan Pattani
  • Houston, TX
Posted

Hi BP,

I just got my single member LLC to buy a property to lease to my wife's business. We are meeting with the broker of the property we are interested in, on Monday. I applied for EIN for the LLC online, however, I got reference number 101, most likely because the name of my business is in another state. I had to fax my application with Certificate of Formation to IRS and they said it will take 4 days to process.

So, if we decide to purchase the property under the LLC name, we would have to make a deposit or earnest money. Since I don't have an EIN, I can't open a bank account unless I use my SSN.

Would there be trouble to change it to EIN later?

Alternately, can I pay the deposit from personal funds without it being considered commingling?

Thanks,

Ketan

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