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Updated over 6 years ago on . Most recent reply

Deep Patel's profile image
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Deep Patel
  • from Woolwich Twp, NJ
  • Member since Sep 7, 2017
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Deep Patel
  • from Woolwich Twp, NJ
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Deep Patel
  • Woolwich Twp, NJ
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Personal Finance

Disregard entity and bank account

Deep Patel
  • Woolwich Twp, NJ
Posted
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
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Basit Siddiqi
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@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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