Buying a US LLC from a US Resident

[Novice]

The title doesn't say it all, so here is a little more details:

I'd like to open a US LLC and I thought of asking a US resident friend to open it & then sell it to me - To Speed up the process. He will sell it for me for practically no money (except for the set up costs).

Is this a bad idea? What things should I look into before doing this?

EIN still takes time to be issued, right? (Which is the main reason I'd do this.)

Should I inform any Banks he opened accounts with of change of ownership in case he opens some accounts (not planning to ask him to do so, but just imagining the situation)

 

[fshore]

You need a new Ein when change of ownership, so you have to give the new one to the banks.