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Experienced Member

New single-member LLC just set up. Do we need a new company set up or just a new bank account? No separate income tax return will be required.

We have a current company set up in QB for our farming and personal.  I just wonder if I can just add a new bank account to the current company or do I need a whole new company.   The new LLC will be filed on our current income tax return on a Schedule C.  

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Best answer 04-29-2019

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Established Community Backer *

Re: New single-member LLC just set up. Do we need a new company set up or just a new bank account? No separate income tax return will be required.

The LLC should have it's own set of books.  If you only want to set up a new bank account, I suggest you use classes so that you can isolate the LLC transactions.

2 Comments
Established Community Backer *

Re: New single-member LLC just set up. Do we need a new company set up or just a new bank account? No separate income tax return will be required.

The LLC should have it's own set of books.  If you only want to set up a new bank account, I suggest you use classes so that you can isolate the LLC transactions.

Experienced Member

Re: New single-member LLC just set up. Do we need a new company set up or just a new bank account? No separate income tax return will be required.

Thanks for your input.  I appreciate it.