Solo 401K LLC Bank Account

[Brandon H.]

I've established a Solo 401K/LLC (similar to the IRA/LLC structure), but I am having trouble getting the LLC's bank account created. At BoA and Wells Fargo, their applications assume the business owner is an individual, and require information such as first/last name, date of birth, SSN, etc. Since the LLC is owned by the 401K Trust, I am hesitant to use my information and have the account reference my name in an ownership capacity. Has anyone else encountered this issue, or can suggest a bank that has the know how to open an account with the 401K/LLC structure?

[Kreighton Reed]

Thanks Dmitriy Fomichenko

Brandon H. We specialize in these 401k/IRA checking accounts and open over 50 a month for people around the country.

To answer your concern: if your are a signer on a US bank account by order of the Patriot Act every bank is required to gather your personal information. If that wasn't the case every criminal and money laundered would simply open a business account to hide their identity from the government.

Don't confuse them gathering your information with the account showing you as owner of the account. Every business account (except sole props) is owned by the business or trust and the signers are just that... authorized signers. Being a signer does not connate ownership. For example many businesses owners add their internal accountants or secretaries as signers on accounts to manage the day to day operations of the account and they do not have ownership in he business.

I agree with Dmitriy... a trust for a 401K is a lot easier to use than a LLC. The LLC has annual fees from the state and registration fees.