All Forum Posts by: Michael Lleverino

As for having a checking account to handle the real estate transactions, must it be a "business" checking account or can it be a "personal" checking account?  I ask because you can easily open a free "personal" checking account, but must pay some fee for a "business" checking account.

My wife and I have decided to create an LLC for our rental business. while filing for the EIN, I'm being asked if I prefer it be a single or multi member LLC. I live in TX-community state.

does one have a bigger benefit than the other? I've read other posts here on BP, but they are not too clear on which is better.

Thanks.

@David Beard Thank You!

Thanks @David Beard I understand I dont need to apply for an EIN for the SP. "If" I were to apply for one anyway, will I still have to apply for a different EIN for the 401K?

Other questions I have... EINs: Do I need to apply for an EIN for my 1) SP/DBA entity and another for my 2) Solo 401K? Business Account funding (SP/DBA): Is there anything unlawful about funding my SP/DBA (non-retirement) Business Account from my personal funds?

Thanks @Ellis San Jose.

thanks @Steven Hamilton II and @David Beard .

So, if I need a business to hold my 401K, how will it work if I don't go the LLC route, if in fact I don't need one? How else can I create the "business" entity to hold my 401k without LLC?

To make sure I understand this clearly, to open a SD 401 (probably through Sunwest Trust), I would need to...

1. Create a LLC with me as trustee

2. submit my application for opening i401k

3. once documents are received from 401k company, I open checking account at bank of my choosing

4. once funds clear, my RE investing journey begins.

Is this correct?

thank you @Ellis San Jose

Thanks @Steven Hamilton II . I have been posting my questions with excellent feedback. I have also been "searching" and finding out that someone out there has already asked what I wanted to ask. Your responses tend to be in just about every thread I start reading into. Thanks again.