US Bank Accts and LLC

[spooky]

Hi All

I am starting to head down the path of investing in the US and one of the first things I should do is set up a US bank acct.

Should the bank acct be set up in the name of the LLC or my personal name or should I have both?

My thoughts are who is the rent paid to 1st. The LLC will own the property but this is supposed to be a pass thru entity.

In future if I get the chance to get a US loan I will need to create a credit history I would have thought a personal acct would be looked on more favorably than an LLC acct.

Also the LLC will be set up by myself and my wife with equal shares. Will we each need separate personal accts for the purposes or US tax.


Please no thoughts on whether I should be investing there at all.

Thanks in advance

 

[karina]

Spooky,

If you purchase a property in an LLC, you must deposit the rent into an LLC bank account not directly into your personal name. If the LLC is owned by 2 members it will be considered a multi-member LLC and as I understand it both you and your wife would need to lodge US tax returns.

 

[RumpledElf]

Curious, who are you getting the LLC and bank account through? I searched on this a while ago and there were a LOT of brokerage firms that would do it for you for a fee.

 

[karina]

RumpledELF,

I have used an attorney to set up all of my LLC´s , they can also organise bank accounts however I set up my own banks accounts up as I was in the USA at the time and just walked into a branch with LLC documents, my LLC EIN number, an operating agreement and my passport and was able to set up over the counter.

 

[handyandy]

Hi All

I am starting to head down the path of investing in the US and one of the first things I should do is set up a US bank acct.

Should the bank acct be set up in the name of the LLC or my personal name or should I have both?

My thoughts are who is the rent paid to 1st. The LLC will own the property but this is supposed to be a pass thru entity.

In future if I get the chance to get a US loan I will need to create a credit history I would have thought a personal acct would be looked on more favorably than an LLC acct.

Also the LLC will be set up by myself and my wife with equal shares. Will we each need separate personal accts for the purposes or US tax.


Please no thoughts on whether I should be investing there at all.

Thanks in advance

Obviously from your comments you intetend owning the LLC in you own names? If so please be aware that there is a death duty in the USA.

I have mentioned it previously here

http://www.somersoft.com/forums/showpost.php?p=869258&postcount=9

Cheers