Can an LLC have an interest-bearing account?

Answer According the Stephanie Martin, Associate General Counsel of the Board of Governors of the Federal Reserve, limited liability companies (LLCs) are prohibited by federal law from owning interest-bea... Read More »

Top Q&A For: Can an LLC have an interest-bearing account

Can a trust have an interest-bearing checking account?

A trust can set up an interest-bearing checking account, according to Brian Turner, a new accounts officer at Bank of America in Fort Lauderdale, Florida. Generally, only a trustee can sign on the ... Read More »

How to Calculate an Interest Bearing Account?

No matter how much or how little money you have to invest, it is important to get as much for your money as you can. Placing your emergency funds and everyday spending cash in an interest-bearing c... Read More »

Do condominiums that have a business checking account without interest have to file taxes?

If the condominium is an association -- a legal entity in your state -- then the association must file at least a federal tax return, regardless of income and expense levels. State and local tax re... Read More »

What Type of Savings Account Would Have the Most Interest?

Online banks commonly offer highly competitive interest rates on savings accounts. Online banks have reduced overhead costs compared to the costs associated with operating a physical bank location.... Read More »