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Can an LLC Have a POD or Savings Account?

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Question: 
Can an LLC have a POD? Also, can an LLC have a savings account?
Answer: 

No, and yes.

An LLC is an entity, not a natural person. Entities don't die, so it would be folly to allow an LLC depositor to attach a POD designation to its account, or to accept a deposit from an LLC to a Totten trust account.

There are no ownership restrictions on savings accounts. They can be held by individuals and by entities such as corporations, partnerships and, yes, LLCs.

First published on 06/14/2015

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