Is Our LLC business subject to Bank Statement release?

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  • #38811
    kwind2012
    Member

    My husband owns an LLC with a Partner and Investor. An LLC is a separate entity from our personal assets. NACA is asking for 12 months of bank statements. We have supplied our past years K-1 tax returns for the business. We are also willing to supply distribution (his pay from the business) reports for the past 12 months. We have called NACA corp. and were referred back to our home office. IF we supply bank statements, this will also give personal information on his staff and partner/investor. Does anyone know the rules on this matter?

    Thanks!

    #38812
    TTrumble
    Member

    Hello kwind2012,

    Regardless of how the company is structured, any sort of self employment situation requires 12 months of the business’ bank statements.

    I understand your concern about the additional information, but keeping information secure is one of the reasons we use a paperless document system. There are no hard copies whatsoever to possibly be taken. Additionally, in the nearly 30 years NACA has been in existence, there has never been a case of identity theft associated with a NACA file, and you are not going to be the first.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #38814
    kwind2012
    Member

    Thank you. One more question… The business account is strictly for business usage. Would we be required to write LOE’s for when clients pay their bill in cash which leads to cash bank deposits?

    Thanks!

    #38815
    TTrumble
    Member

    Hello kwind2012,

    Unlikely. Just note on the bank statement that it was a client who paid cash and write a single LOE to explain the bunch. If there aren’t a lot of them, you might want to dig up the corresponding invoice just to be thorough. (Better twenty pages too many than one too few.)

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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