When you have a Property LLC owned by a single member Holding LLC, how do you obtain an EIN# for it? Do you apply for the EIN# using your SSN as the member and owner of the Holding LLC or you obtain it by using the Holding LLC EIN#?
And how do you open a bank account for the Property LLC when it is owned and managed by the member (Holding LLC)?
I see. I don't mind applying using my ssn#, just want to do it the right way. I had to use my ssn# when i applied to the EIN of the holding LLC. One other question that come to mind is, how do I open a bank account for the Property LLC if its owned by the Holding LLC and member managed by it? The holding LLC is a manager managed and I am the manager owner. Property LLC is single member managed and 100% owned by the Holding. I am not on the Property LLC. Being the owner and manager of the Holding LLC gives me right to the Property LLC?
The bank will want the EIN for that LLC.
They will want to see the operating agreement and articles of organization.
The member/manager is your holding. You are the manager of the holding; so when you sign for the property LLC you can sign:
for Property LLC, by John Doe as Manager of Holding LLC, member/manager of Property LLC
The bank will probably also need to see document from the holding LLC showing that you are the manager.
You may also be asked a resolution from Property LLC to open a bank account.
In my case, my holding LLC and properties LLC accounts are in the same bank (easier to do instant online transfer from the same login). So they already have all the information for my holding, and when I am adding a new property LLC, they just need the documents for the LLC and they link it immediately to the holding. I don't even have to go to the branch anymore, I just email them the article of organization, sign a few online documents and a few days later my new bank account is ready to be used.
I would say If your stage doesn’t disclose managers names thn that may be the way to go. Most states do disclose that information that is why the property llc is set up as member managed.
Documents aren’t signed everyday, so Personally don’t think it will be too much of a deal to sign regardless of how long the signature maybe.
I wonder if a signature stamp maybe used 🤔. Anybody use them?
Attorney · WA · Member since 2020 · 43 posts · 59 votes
6y
@Afsheen S.. One of the main benefits in using the WY LLC is providing anonymity for your state-specific LLC. To set up your state-specific LLC with anonymity you must structure the sate specific LLC as member-managed. On the other hand, if the state-specific LLC does not disclose the managers or members then you do as you described.
In MA the in state LLC must disclose at least one name of a Manager. They do not list the members. So @Client WY will have to be listed as a Manager in this case... Makes sense??
Can I just list myself as the Manage on the MA LLC, that way I can sign docs with disclosing WY on the docs. Whats the harm??
Rental Property Investor · Aldie, VA · Member since 2020 · 4 posts · 0 votes
5y
I am applying EIN for my Property LLC that has only one member that is my Holding LLC, shall I apply EIN as a single member LLC or partnership? When I try to establish it as a single member LLC then it automatically takes my name as the single owner. Please guide:
Step 1 : Shall I select Sole proprietor /Partnership/ LLC
Step 2: Shall I select "I am a responsible and duly authorized partner or general partner of this " OR "I am a third party applying for an EIN on behalf of this."
Rental Property Investor · San Diego, CA · Member since 2017 · 10 posts · 2 votes
4y
Hi @Mike Jones, how did you end up creating the EIN for your subsidiary LLC? I have also have a holding LLC that is the sole member of the property LLC. Working on creating the EIN for the property LLC now.
Thanks. This was a helpful thread that you started.
Hi @Mike Jones, how did you end up creating the EIN for your subsidiary LLC? I have also have a holding LLC that is the sole member of the property LLC. Working on creating the EIN for the property LLC now.
Thanks. This was a helpful thread that you started.
I applied for it under the subsidiary and if I remember correctly, I had to list myself as the responsible party.
Hi @Mike Jones, how did you end up creating the EIN for your subsidiary LLC? I have also have a holding LLC that is the sole member of the property LLC. Working on creating the EIN for the property LLC now.
Thanks. This was a helpful thread that you started.
I applied for it under the subsidiary and if I remember correctly, I had to list myself as the responsible party.
Thank you @Mike Jones. I appreciate the quick response. Hopefully your real estate investments are going well.
Hi @Mike Jones, how did you end up creating the EIN for your subsidiary LLC? I have also have a holding LLC that is the sole member of the property LLC. Working on creating the EIN for the property LLC now.
Thanks. This was a helpful thread that you started.
I applied for it under the subsidiary and if I remember correctly, I had to list myself as the responsible party.
Thank you @Mike Jones. I appreciate the quick response. Hopefully your real estate investments are going well.