1. You open your SEP IRA with your SSN. A single member LLC is considered a disregarded entity and your income/expenses will be entered on a schedule C on your tax return. SEP contributions are entered in a section called Other Business Situations, Self-Employed Retirement Plans.
2. SEP IRA's are function like a traditional IRA. You can transfer funds to another custodian. The SEP IRA is owned by the individual not the LLC
3. Yes, you can have multiple SEP IRA accounts. However, the combined annual contributions cannot exceed the IRA's maximum, which is currently $53,000 or 25% of compensation, whichever is less.
Retirement Plans for Self-Employed People
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