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Updated over 5 years ago,

User Stats

120
Posts
37
Votes
Andrew Yu
  • Investor
  • Little Rock, AR
37
Votes |
120
Posts

Responsible Party Name and Tax ID on SS-4 for My IRA LLC

Andrew Yu
  • Investor
  • Little Rock, AR
Posted

I have an IRA account with uDirect IRA. Later I realized it doesn't allow account holders to sell what they don't own. So I can't do wholesaling with my IRA account. I decided to create my IRA owned single member LLC, so I can have checkbook control. My IRA's full vesting name is <account_holder_name>, Legal Owner Via Non-Trust Custodial IRA With AET, which is the sole member of the LLC. I created the LLC as such.

The part I'm confused is the Responsible Party on SS-4 form of IRS. My custodian doesn't allow my IRA's full vesting name to appear as Responsible Party. Only <account_holder_name> IRA is allowed... I'm fine with that. 

Then their attorney told me to use my own social security # as the Responsible Party's tax id... But shouldn't the Responsible Party's tax id be my IRA's tax id? I mean my IRA is the owner of the LLC after all, not me.

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