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#1540735 - 04/26/11 02:35 PM LLC with multiple JTOs? Is this acceptable?
CompliKat Offline
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CompliKat
Joined: Dec 2009
Posts: 96
We have an LLC account that has been set up on our system with the LLC as the sole owner, and the members each listed as a JTO. There is also one signer on the account. I am attempting to file a CTR and am not sure exactly who the beneficiarie(s) should be.... The LLC or the LLC and the JTOs. I'm not sure this account was set up properly and since I am not in New Accounts. Enlighten me please!

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General Discussion
#1540749 - 04/26/11 02:44 PM Re: LLC with multiple JTOs? Is this acceptable? CompliKat
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
JTO? I need clarification.
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#1540775 - 04/26/11 03:01 PM Re: LLC with multiple JTOs? Is this acceptable? Kathleen O. Blanchard
CompliKat Offline
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CompliKat
Joined: Dec 2009
Posts: 96
Joint Tenants, Sorry

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#1540779 - 04/26/11 03:05 PM Re: LLC with multiple JTOs? Is this acceptable? CompliKat
BrendaC Offline
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BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
Members are just that - members. They are not joint owners. The LLC is a separate legal entity.

There are occasions when a business might be in a joint relationship, but this is not one of them.
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#1541379 - 04/27/11 01:00 PM Re: LLC with multiple JTOs? Is this acceptable? BrendaC
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
One LLC (LLC A) can be a member of another LLC (LLC B), with or without other members. But those other members would not properly be joint owners of the LLC B account. LLC B owns the account, period, and the members of LLC B own LLC B.
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