I opened a new bank account with Schwab for my game development business. As the money comes in I will open an LLC brokerage account attached to the bank account. The two of them will not have other assets in them. No commingling of funds.
Schwab very specifically has an LLC brokerage account. The big thing is labeling both accounts as LLC. This includes on the paperwork.
Suggestions?
When you created the LLC, the IRS sent you a letter titled “WE ASSIGNED YOU AN EMPLOYER IDENTIFICATION NUMBER” (this is copy and paste from an actual IRS letter assigning an EIN to one of my LLCs, yes, they do it in all caps). In there is the number they assigned. You use that number to open the bank account and to open the brokerage account, and make sure to title them the same “LEAP GAME DEVELOPMENT LLC” (or whatever you are calling it). That’s it.
LLC is state not IRS.
I have an EIN but it is only an exta number to identify me on top of my ss number.
I can use my ss with my llc for my state and federal income taxes.
The ss can be used to open and registar an llc account with schwab.
I don’t understand your question. What is it you are having trouble doing?
Nothing but that does not mean someone won’t have some experience that is useful.
As far as I know the EIN is not necessary. The IRS did not issue one when I formed my LLC.
If you ever intend on having investors, or partners, or employees, you must get a real EIN, not a single member SS# type. I recommend filing the SS-4 to get a real EIN.
You really should get advice from an accounting pro.
That is good advice. I want my nephew in the business.
Read some of your link, I will get an EIN.
Applied for an received my EIN today from the IRS.
There are a few companies that will charge over $300 to do it for you. The IRS does it for free.
The EIN is specific to the LLC and noted for banking.
The application is okayed or not by the IRS within 60 days. Meanwhile I can use it. In December when I report to the state of CT for the LLC I will update the LLC with the EIN in that process.
This was not hard.
But bringing the nephew into the business IF the first game is successful will take an accountant and lawyer.
My long time accountant is retiring. He wants to keep me. But that might not be who we go with for all of this. He may reject my expanded business. This goes beyond earning, saving, and investing. He may hand me off. I wish him luck on his boat in the Long Island Sound.