Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#1764897 - 12/06/12 10:39 PM Sole Member LLC and account titling in Wisconsin
KDOG Offline
New Poster
Joined: Jul 2012
Posts: 5
How should a checking account be titled when it is a sole member LLC using the person's SSN.

Return to Top
#1767384 - 12/13/12 09:52 PM Re: Sole Member LLC and account titling in Wisconsin KDOG
RayLynch Offline
Platinum Poster
RayLynch
Joined: Oct 2003
Posts: 544
In the name of the LLC. The IRS permits sole member LLCs to use the sole member's tax ID number. The use of the sole member's tax ID number does not change the fact your customer is the LLC and the account you are opening is a business account.

Return to Top
#1768561 - 12/18/12 09:20 PM Re: Sole Member LLC and account titling in Wisconsin KDOG
BowlingQueen Offline
Power Poster
Joined: Mar 2007
Posts: 2,920
Wisconsin
The WBA recommends the following for the account title when using the sole (single) member's SSN:

Greg Jennings, as member, Lambeau Leapers, LLC

We also include the word "sole" or "single" in our titling, but that would likely be optional.

The important thing is to make sure that the name you report under matches the TIN used for the account(s). We have the "IRS Payee Name" and "IRS Payee Name Control" fields that we can complete if the name line does not match the TIN.
_________________________
Nothing changes, if nothing changes. (from a good friend of mine) smile

Return to Top