Updated almost 7 years ago on . Most recent reply
Disregard entity and bank account
Hi all.
We are in the middle of a 1031 exchange currently. To statisfy the same taxpayer technicality we opened a single member LLC that is disregarded for tax purposes. However, now without an EIN we are having trouble opening a bank account for it. Is it only possible to open it under your personal name and DBA affiliated with it? Or is there a way for a disregarded entity to acquire a bank account and credit card under the LLC?
Thanks in advance!
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Basit Siddiqi
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Basit Siddiqi
#2 Tax, SDIRAs & Cost Segregation Contributor
Tax & Financial Services
Pro Member
#2 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- New York, NY
@Deep Patel
It is possible to have a single member LLC with its own EIN and still be considered a disregarded entity and filed with your personal tax return.
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