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Updated over 3 years ago on . Most recent reply
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Opening bank account for child LLC
Hi everyone, I have opened a second LLC (child LLC) in Florida, owned by anonymous parent LLC in Wyoming (which is owned by me). I got stuck with opening a bank account for child Florida LLC. Got only one EIN that belongs to the parent Wyoming LLC. I've wanted the child Florida LLC to be a pass through entity, so the taxes are paid by parent Wyoming LLC, which is taxed as corporation.
Which bank would you suggest to use to open an account for child Florida LLC?
I tried Chase, and they've required separate EIN for child Florida LLC. Since EIN each EIN is attached to a name, but not another entity, doesn't seem like that would make the Florida child LLC a passthrough entity by getting it's own EIN (which would be attached to my name).
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@ajhu Thank you for the quick response. Been looking for answers for few days and finally found it: up until 2018 IRS used to allow to open EIN with another EIN, but now responsible party has to be a person with SSN. So basically parent LLC owner/member has to be the responsible party, but taxes will still pass to the parent LLC and not the responsible person directly. Here's the source. https://www.llcuniversity.com/...