Opening LLC Account w/ Social Security Number

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Question:

A new LLC has two members (husband and wife). The husband is also listed in the Articles of Organization as the registered agent. Can the LLC account be opened under the husband's social security number?

Answer:

From the IRS General Instructions for Certain Information Returns

Limited liability company (LLC)

For a single-member LLC (including a foreign LLC with a U.S. owner) that is disregarded as an entity separate from its owner under Regulations section 301.7701-3, enter the individual's name only on the first name line and the LLC's name on the second name line. For the TIN, enter the individual's SSN (or EIN, if applicable). If the LLC is a corporation, partnership, etc., enter the entity's EIN.

First published on BankersOnline.com 9/12/11