Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago on . Most recent reply

User Stats

7
Posts
1
Votes
Nathan Justus
1
Votes |
7
Posts

LLC and banking and EIN and UBI questions

Nathan Justus
Posted

I'm hoping to get clear guidance here on what I need and don't need to do. 

I'm working backwards here as I already bought two properties under the LLC name. Very much shoot, ready, aim.

I haven't got any guidance on the legal items I need for setting up a business bank account etc.

What I have:

1. LLC setup via the state website. (Washington)

2. EIN issued from the IRS (Don't know if I needed this given its just me on the LLC and its a pass-through-entity)

3. Operating agreement which I created on a website (Title company needed this in order to close) 

What do I need or not need to set up a business bank account in the LLC. (Need this so I can sign a property management contract and fill out I9 etc)

Questions: 

1. Do I need a UBI (actually get a business license? Seems like it if I look at the bank checklist of items needed for the account)

2. Did I even need the EIN for the LLC (This cost $, wondering if I flushed that money)

Or should I just consult an attorney and start over. like Corporatedirect.com

Confused. I have no idea what I'm doing. Please help

Most Popular Reply

User Stats

1,220
Posts
933
Votes
Mike S.
  • Investor
  • Broward County, FL
933
Votes |
1,220
Posts
Mike S.
  • Investor
  • Broward County, FL
Replied

@Nathan Justus

Then you’ve got scammed into a third party website that sold you something that is free...

I have many LLC and I got all my EIN for free on the IRS website. Some were delivered immediately online, some I had to wait a week and were done by fax.

Loading replies...