Open LLC Bank Account
You will need to open a local checking account for your new LLC …this is what gives you “checkbook control”. You will be able write checks on this account to purchase investments, pay the expenses of the LLC and also to receive the income from the investment.
After your funds have been transferred from your previous custodian to your new Custodian you will then instruct the custodian to make the investment in your LLC . The custodian will send you a check payable to the LLC and you will use this check to open the LLC bank account. There are several requirements for the checking account.
- The account needs to be in the name of your LLC – not in your personal name.
- The account needs to be a checking account.
- The account is a normal LLC business checking account there are no special requirements.
It is recommended that you open the checking account at a local commercial bank or a community bank that can offer business checking accounts. Credit Unions are usually not a good choice as they are not geared to business accounts.
You should contact your bank and explain what type of account you will be needing. The bank will require a copy of the Articles of Organization that you received from the Secretary of State’s office in the state where you filed your LLC’s Articles of Organization. The bank will also need a copy of your LLC Operating Agreement and the Employer Identification Number (EIN).
You as Manager of the LLC will be the “signer” on the account and responsible for keeping all account records. We recommend using a software program like Quickbooks for keeping all account records. It will make your job much easier.
Working with selfdirectedIRA and Tom Walker has been an absolute pleasure. I set up the Self directed IRA w/checkbook control with them about 4 years ago for my wife’s IRA. I needed a lot of help and Tom gave me prompt, courteous, professional help all along the way. My wife and I have used it to purchase and sell real estate. All of our questions have been answered. We have been very pleased with the IRA vehicle and the customer service of selfdirected IRA.
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