Failed to Open a US Bank Account - US-resident Partner

[Novice]

Hello

2 days ago, my partner went to WellsFargo to open a bank account for our LLC. Our LLC has 2 members (I'm not in the US). They told him as long as there is another member, he needs to be present at the time of openning.

Any ideas of other banks who'd allow us to open an account without having both members there? (My share is less than 25%)

If you have any banks in mind that have less strict requirements, please let us know.

P.S:
How bad is it to use his personal bank accounts if we failed to open Business Accounts in the company name?

Thank you

Last edited: Dec 12, 2020

 

[exprtadvisrdev]

Novice said:
How bad is it to use his personal bank accounts if we failed to open Business Accounts in the company name?
Click to expand...

Please, don't do that. In some countries it's ok but in the US they don't like that and that will remove the limited liability too.

There are a lot more banks there in the US, keep trying and see if another one accepts you and if not, then try with EMIs

 

[fshore]

Novice said:
How bad is it to use his personal bank accounts if we failed to open Business Accounts in the company name?
Click to expand...

It depends on your business. You will most likely loose the limited liability, and your tax reporting might be complicated, you might have to convince irs what is company and what is personal transactions.
It would help to use a separate personal account that only use for the business.
Also, some banks doesn't approve business transactions while others seems OK with it to a certain extent.

 

[MiddleEuroAsia]

Novice said:
Any ideas of other banks who'd allow us to open an account without having both members there? (My share is less than 25%)

If you have any banks in mind that have less strict requirements, please let us know.
Click to expand...

try mercury or brex cash management account.

 

[Fulton Abraham Sanchez]

Novice said:
Hello

2 days ago, my partner went to WellsFargo to open a bank account for our LLC. Our LLC has 2 members (I'm not in the US). They told him as long as there is another member, he needs to be present at the time of openning.

Any ideas of other banks who'd allow us to open an account without having both members there? (My share is less than 25%)

If you have any banks in mind that have less strict requirements, please let us know.

P.S:
How bad is it to use his personal bank accounts if we failed to open Business Accounts in the company name?

Thank you
Click to expand...

There are also banks in Puerto Rico that offer open an account remotely. Better do not commingle business with personal funds.

 

[Novice]

We're with mercury at the moment.

We need some features that aren't available with Mercury.

BofA has free internal transfers. Major banks have Zelle.