Answer:
Yes. LLC's can be "disregarded for income tax purposes," yet still retain their status as a legal entity. The taxable income they earn is simply attributed to another entity; i.e. the entity to whom the TIN was issued.
It may be difficult to title the accounts in such a way that you do not receive B Notices from the IRS. (The name of the LLC will not "match" with the TIN you use if it belongs to a different entity or to an individual.)
First published on BankersOnline.com 3/28/11
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