Question on new Government regulation and the anonymity of the LLC

Agnes Greco

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Apr 16, 2020, 3:07:51 PM4/16/20

to InvestorUndergroundAustin

I use an LLC as the owner of shares in a syndicated deal. This year the government made the syndication but the personal Social Security on the K-1's instead of the EIN#.

How does this affect the anonymity of the LLC when someone sues you personally. Can they see these investments now? Can they get to them now the personal SS# is attached to them? My LLC is a pass thru to my income taxes as a single member LLC. If so, is there something I can do?

Andy Lambrecht

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Apr 16, 2020, 3:29:59 PM4/16/20

to Agnes Greco, InvestorUndergroundAustin

Hi Agnes,

I am neither an accountant nor an attorney. It has been my understanding that the IRS does not recognize a single member LLC and treats it as an individual. Therefore, for for IRS purposes the SSN is used and not the EIN. I have had to provide my SSN in some cases (it depends on the title company) when I have sold a property.

Andy

On Thu, Apr 16, 2020 at 2:07 PM Agnes Greco <agnes...@gmail.com> wrote:

I use an LLC as the owner of shares in a syndicated deal. This year the government made the syndication but the personal Social Security on the K-1's instead of the EIN#.
How does this affect the anonymity of the LLC when someone sues you personally. Can they see these investments now? Can they get to them now the personal SS# is attached to them? My LLC is a pass thru to my income taxes as a single member LLC. If so, is there something I can do?

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Andy Lambrecht

Senior Managing Partner

iVestra Capital Partners LLC
+1(512)270-1314

http://www.ivestra.com

Tim Gahagan

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Apr 17, 2020, 3:10:15 PM4/17/20

to Andy Lambrecht, Agnes Greco, Google Group: Investor Underground

This is what I know as well. The IRS actually treats all LLC's as a partnership of # of members in the LLC.

An LLC means nothing to the IRS, as it is a legal agreement between parties that is outside of the scope of what the IRS cares about.

It's simply a partnership to them.

You can't have a partnership of 1, thus the single owner of the LLC is the taxed person.

I am not an attorney or cpa. I have just done lots of LLC's and paid lots of tax.

Tim Gahagan

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