We have an account that is a single member LLC, the single member is another LLC. They want to deposit checks into the account that are made payable to either of the LLCs. We don't believe that just being a member of one LLC is sufficient documentation to allow them to do this. To further complicate things, the LLC which is the member of the account holding LLC is the property manager for the account holding LLC. They believe that the operating agreement and property management agreements trump bank policy. Your thoughts?
If a husband & wife are a sole proprietor, is it possible for this sole proprietor to become a joint venture?
When opening a Sole Proprietorship account, does a Affidavit of Sole Ownership need to be signed at opening? If so, does this need to be notarized?
I have an account titled persons personal name with hotel behind the name. The tax number is the same as the persons name. However, I just recently found out that there is a silent partner. They have no written agreement for formal terms regarding this account. Would this be a DBA account or general partnership even though there is not a written agreement? I need to send out a new signature card and am not sure how to handle this situation.
A business account has one signer the (owner). He suddenly dies and the will gives the daughter all personal effects, household goods and chattels. Can the daughter now change the signer on the business account to herself?
Can beneficiary be added to a business account that is set up as a sole proprietorship and using the individuals social security number on the account?
In our institution and others, there is a policy that states that if a check is payable to a business, that check must be deposited to a business account (and endorsed by the business). It cannot be cashed or deposited by an individual. I am being asked why this policy exists. Can you help me with the reasons?
We have a potential new customer who does business as a scrap dealer (appliances etc.). He receives checks made out to the name of his business. Does he need to have an account titled with the business name or can the checks be deposited into an account in his name, since it is a sole proprietorship and does not have a federal tax ID for the business? How should sole owner accounts be set up?
Can the primary signer on a business account be removed by another signer on the account without the primary signer's consent?
We have opened a business account for a Sole Proprietor and the owner wants to add more signers to her account. The New Account Rep choose Authorized signer and had the additional signer to sign in that area along with a bank resolution. The new account reps card was sent back to her and she was told that it was done wrong that she should have only put the owner in the authorized signer area and put the other signers in the Convenience Signer area. Who is right and why?. There is only room for two signers in the convenience signer area.