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KJLLAW
KJLLAW, Attorney
Category: Business Law
Satisfied Customers: 1620
Experience:  Attorney at Law Office of KJLLAW
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I formed a LLC in Wyoming, but my bank will not allow me to

Customer Question

I formed a LLC in Wyoming, but my bank will not allow me to open a checking account in OR where I live since I dont have a physical presence there. Is that customary ?
Submitted: 2 months ago.
Category: Business Law
Expert:  KJLLAW replied 2 months ago.
Good afternoon
Customer: replied 2 months ago.
Expert:  KJLLAW replied 2 months ago.
they should let you open the account even with a Wyoming LLC.Generally, The bank account should be opened in the state where the business is operating and at least one of the LLC members resides. For example, if you incorporate your LLC in Delaware, but the company’s principal place of business is in California, then the bank account needs to be opened in California.If you are operating in more than one state or have members who reside in different states, then it is usual practice to use a larger bank with offices and branches in those states.Banks will not allow you to open a business account without first having your Articles of Incorporation.In addition, banks will require you to have an EIN, which you can obtain immediately online by going to this IRS site. You must have both the Articles of Incorporation and the business’ EIN in order to open an account.Each person authorized to access and use the account will be required to execute a signature card. Co-signatories who reside in separate states will need to sign in order to be an account holder, so some coordination is involved unless you are all present in the same branch when opening the account.I hope this clarifies. Please don't forget to rate the question with stars so that I will receive credit and payment for assisting you with your question.
Expert:  KJLLAW replied 2 months ago.
If you have any other questions please just ask
Expert:  KJLLAW replied 2 months ago.
If you have any other questions please just ask