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Do all LLC members need to be present to open a Small Business Bank Account?
Anonymous6 views4 answers
I'm the manager of an LLC, which has two members. The members are foreigners, and I'm a US citizen. The operating agreement states that I'm authorized to open a business account. Can I open the business account alone or do the members need to be present as well? They live overseas.
Adam A StudnickiPersonal Injury LawyerScottsdale, AZ ·
Call the bank and ask them what the their requirements are. Different banks have different policies. Make sure you comply with the operating agreement. A local business lawyer can advise if you are not sure.
I agree with Mr. Studnicki. It is not uncommon for the Manager alone and not all Member, especially if non-residents, to be signers on the account. Much will depend on your Operating Agreement and the bank's internal policy.
Ginger Bayles KellyGeneral Practice LawyerCharlton, MAMA licensed ·
Your Operating Agreement will contain provisions regarding this. Also, the Bank will let you know what documents they need to verify you are the legal signatory for the LLC.
To cover yourself, you should have 'Resolutions' signed or confirmed via email before taking significant action like opening a financial account in the name of the business. That way, you don't find yourself being accused of having gone rogue and done all of these things without their authorization or without the required percentage of consent of the LLC Members.
