Business Bank Account
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Curious if others have had issues banking without an account "in your LLC name". I plan to at least create an entirely separate checking account for business purposes, but is it necessary (I know it's not legally necessary, but from a perspective of ease of doing business) to have a "business" account in the LLC name? I can't seem to find any banks that will allow me to open a business account online? They all want me to meet with a banker which is fine, I guess, but I know they're just going to pitch their small business loans, etc. Is this normal or is there some legalities as to why I can't do this online?
Seems to me I can just open a new checking account in my name, fund, and then only use for business expenses/purposes. I feel like if I get this thing going and I'm cranking out a ton of buying and selling and really cooking with gas, then it might make sense to get a banker involved. Right now I just have a piece of paper for my LLC and some cash, I don't see why they'd take me seriously at this point.
I'm aware of the "corporate veil" aspects and how theoretically an account in the LLC's name could be beneficial in the event of legal issues. Looking more for anecdotally, have buyers or sellers been wary of getting a check from a personal checking account vs. the LLC's name on the documents. Obviously want to avoid doing more work if all I need to do is go meet with a guy at the bank.
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Max Householder My guess as to why they would want you to come in is, because it takes a little more paperwork to open the business account as opposed to a personal account. When I opened up a checking account for my LLC I had to provide my drivers license, Certificate of Filing for my LLC, and the operating agreement for it. It took about 15 minutes to get. This was with a local bank where I already had accounts, and once it was set up I can do most things online with it. I'm sure you could do it the other way, but for me it's just cleaner this way. I close with title companies so for me I can just drive to the bank get my cashiers check and have them notarize my documents while I'm there.
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Max Householder I just opened one with NBKC - they have some branches, but also have a highly rated online business checking account. It was easy to get setup and I've been happy so far. And it's free!
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Angela Stokes Thanks! I actually found them right after I posted here, lol. I'm on the other side of the state, but they seem to have everything I need online. Waiting on approval right now.
