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    2 Replies Latest reply on May 25, 2017 8:26 PM by Vilnius Industries

    EIN, SSN and keeping business and personal finances apart.

    privacy Newbie

      Hi,

       

      This is my first post.

       

      I am attempting to open a working capital management account (checking account) for a new LLC.  I'm currently a banking customer at a different institution and have confirmed that their policy is to open a new business checking account by using my Social Security Number rather than my EIN for the business.  Further, their policy is also to tie the two together, putting my SSN on the business account, in addition to the EIN, which opens up the business account to being drained of its working capital, destroying my business, in the event someone slips and falls at my house or some sort of judgement is obtained against me, personally.

       

      This isn't right.  I can't vacate my fiduciary duty to protect the assets of this business from being wrongfully seized in the event I have a personal financial issue.  The business should be 100% separate from my personal finances.  Why is my bank's policy to, in the event of a personal judgement, hand over a business I belong to, damaging the investors, clients and creditors of my business?

       

      What banks will open my LLC account with my EIN ONLY and not my SSN?

       

      Will Bank of America do it?  Could someone please help me out here?  This is a HUGE issue.

       

      Thanks

        • Re: EIN, SSN and keeping business and personal finances apart.
          moderator_lisa Pioneer

          Hello, and welcome to the community. Please take a moment to familiarize yourself with the Community Guidelines so you can be sure your post won't be removed for inadvertently violating them. While this forum is not intended to provide financial advice, we have many members who may be able to share their insights with you. 

           

          Do you have an attorney or an accountant on board? Both can be highly valuable in helping to be sure you're tapping all of your available resources.  Good luck! Please come back and let us know how your business is evolving as you move forward.

           

          --Lisa

          • Re: EIN, SSN and keeping business and personal finances apart.
            Vilnius Industries Tracker

            All banks are going to require at least one name and SS# of the person who is the legal operator of the account, weather the account is an LLC or Inc. or any other entity type.

             

            All things you do in the financial industry whether it is with a FDIC Bank or a Credit Union or any other institution they always need your name, address and SS# even if it is for a business with it's own EIN number.