Opening an IRA LLC Bank Account
By Steve Sheppherd
There is one thing that you have to remember.
The IRA owned LLC is simply a business.
It is a limited liability company and you’re always opening up a business account. It is not an IRA account.
It don’t even breathe the words Checkbook IRA because people will be confused. They’ll run over and pull out the forms for an IRA. And then you start talking about a Checkbook, and they’re going, “No you can’t do that!”.
You can’t get it out of their head. Remember the LLC just needs a business checking account. So you simply go in and say, “I want to open a business account”. That’s it. It’s not an IRA account. It is a business account.
And then it is up to you, if you want to leave a certain amount of money in there so they’ll waive fees or if you want to attach a savings account. You may want to open up multiple accounts. It doesn’t matter. You are the manager of the business and those are your decisions alone.
Your authority is stated right in the operating agreement.
So remember, it is simply a business account that can be opened at any bank that will accept a business account.
Now click here and we will talk about what you need to bring with you when you open a checking account.