Investing With Your Checkbook IRA

Modified on Wed, 1 Nov, 2023 at 11:41 AM

Before we begin…

As part of our AML/KYC compliance policies, we must verify the LLC is in good standing.

At the very last step of the account creation process, you will need to upload the following documents before we can process any investments made from your IRA investment account.

  • Articles of Incorporation
  • Proof of Address from within the last 90 Days (i.e. bank statement.)

I’m also going to assume that you’ve already set up your individual profile. If you haven’t, please go here to for a walkthrough.

Once you’ve set up your individual account, you can add additional accounts to your profile.

To do this, click on the down arrow in the upper right hand corner next to your name (1), then hover your mouse over the “+Add New Account” field (2), then click “Entity” (3).

Once you do, you’ll be taken to a screen that looks like this. 

Please enter your first name, last name, and title exactly as it appears on your corporate documentation (i.e. Articles of Incorporation).

You will also need to enter your phone number and date of birth.

For the section marked “Entity Information,” please enter the entity name, address (cannot be a P.O. Box), state/region of formation, and country, exactly as it appears on your corporate documentation (i.e. Articles of Incorporation).

If for any reason, you’d like to create a separate login/password to access any additional investment accounts, you can check the “Create a password for this account user.”

Once you’ve done this, the screen will refresh and you will be taken to the homepage of your new account. You will still need to enter some additional information to complete the setup process.

The Contact Information and Entity Information will already be populated. You will need to complete the section marked Identity Verification.

Please note that any information you entered from your “Individual Account” will not transfer to this one.

This means you will need to re-enter your social security number, nationality, and country of residence.

You will also need to specify the Tax Entity Type.

Please be aware than an LLC is a what’s called a “pass-through entity.”

The IRS treats one-member LLCs as sole proprietorships for tax purposes. This means that the LLC itself does not pay taxes and does not have to file a separate return from your individual return with the IRS.

As the sole owner of your LLC, you must report all profits (or losses) of the LLC on Schedule C and submit it with your 1040 tax return.

The IRS treats co-owned LLCs as partnerships for tax purposes. Co-owned LLCs themselves do not pay taxes on business income; instead, the LLC owners each pay taxes on their lawful share of the profits on their personal income tax returns (with Schedule E attached).

Each LLC member’s share of profits and losses, called a distributive share, is set out in the LLC operating agreement.

If the IRS considers you aas either a sole proprietor or partnership, please select the “LLC” option from the drop down menu.

However, you can choose to file taxes as an S-Corp or C-Corp. If this is the case please select “Corporation” from the drop down menu.

Once you make your selection, a new box will appear called “Tax Identification #.” Please enter whatever number you use to file tax returns for this entity (most commonly an EIN, a 9-digit number with a format of XX-XXXXXXX).

Please note that your Social Security number will be visible only to you on this screen. It is not visible to anyone else!

To confirm the additional account has been set up, hover over the upper right hand corner. 

You can switch back and forth between all of your accounts from this menu. 

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