We have an LLC with a checking account that is earning interest. The bank told us that because there are two members, the account can no longer earn interest. We think it should, because the LLC is a separate entity. Can we continue to have an interest-bearing account?
The short answer is 'No'. An LLC is a separate legal entity, regardless of the number of members. The only business type eligible to hold a NOW is a sole proprietorship; that is because the sole proprietorship is not legally separate from the individual that owns the business.
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The short answer is 'No'. An LLC is a separate legal entity, regardless of the number of members. The only business type eligible to hold a NOW is a sole proprietorship; that is because the sole proprietorship is not legally separate from the individual that owns the business.
