Business Law

Ask a business lLawyer. Get business law questions answered ASAP.

Ask a Lawyer,
Get an Answer ASAP!

I have a question about transferring bank accounts from one…

Customer Question
I have a question...

I have a question about transferring bank accounts from one person to another in a non profit buisness

Lawyer's Assistant: Can you tell me where the nonprofit is registered?

Michigan. But it is being transferred to PA. I founded it and my name is ***** ***** but I am stepping back and someone in another state is taking over. In regard to the Bank account, I have been told conflicting info about whether to close it and reopen it there. or to try to transfer signatures.

Lawyer's Assistant: Has anything been officially filed? If so, what?

Nothing has been filed.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

This is not a particularly amicable split between myself and the NPO.

Submitted: 5 months ago.Category: Business Law
Show More
Show Less
Ask Your Own Business Law Question
Customer reply replied 5 months ago
I am the founder and current ED of a NPO in MIchigan. I am resigning from my position. The BoD want to continue on the work but transfer to PA. As of now, only my name is ***** ***** Bank account and many other documents. I would prefer to close the bank account and have the reopen one in PA, but we're disagreeing on this. If I close the account, is there any legal repercussion? I plan to just send them a check for the remaining funds in the account.
Customer reply replied 5 months ago
I have spoken with a Michigan lawyer and Bank associates who told me to close the account because my name will always remain on it as I opened the account. They said my name cannot be removed. However, the PA she was told to keep the account open. We're getting conflicting information. I am worried about any legal repercussions if they mismanage money and/or do something incorrectly, I do not want to be held liable.
Answered in 14 hours by:
11/18/2017
Business Lawyer: Richard - Bizlaw, Attorney replied 5 months ago
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,793
Experience: 30 years of corporate, litigation and international law
Verified

Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

The simple solution is to have the NPO open a new account in PA where they want to operate. Wire the funds from the account in Michigan and close the account. Your name is ***** ***** removed from the bank records, and the NPO can operate from PA without missing a beat.

If I have answered all your questions, please highly rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

Ask Your Own Business Law Question
Customer reply replied 5 months ago
Are there any legal repercussions for closing the account and just sending them a check?They were told they cannot open the new account because the EIN is currently tied to this account.
Business Lawyer: Richard - Bizlaw, Attorney replied 5 months ago

There is no restriction on a non profit having more than one account so that excuse makes no sense. They can walk into any bank and open an account. The reason the check is not the best approach is because the check does not provide immediately available funds. A wire transfer provides the funds immediately. Since it is obvious you do not trust one another the approach I gave you is the simplest and can be done in a day.

If I have answered all your questions, please highly rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

Ask Your Own Business Law Question
Was this answer helpful?
Ask Richard - Bizlaw Your Own Question
Richard - Bizlaw
Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10,793
10,793 Satisfied Customers
Experience: 30 years of corporate, litigation and international law

Richard - Bizlaw is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Infolawyer

Infolawyer

Attorney

1,851 satisfied customers

Experienced lawyer

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

1,611 satisfied customers

Run my own successful business/contract law practice.

MShore Law

MShore Law

Attorney

1,233 satisfied customers

Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

RGMacEsq

RGMacEsq

Attorney

751 satisfied customers

Licensed Texas General Practice Attorney

Barrister

Barrister

Attorney

646 satisfied customers

17 years practicing attorney, JD, BA, MBA

Ely

Ely

Attorney

577 satisfied customers

Counselor at Law.

J.Hazelbaker

J.Hazelbaker

Attorney

393 satisfied customers

Experienced and trained in the area of business law.

< Previous | Next >

Related Business Law Questions
Looking for a non profit lawyer for a church in Freeville NY
Looking for a non profit lawyer for a church in Freeville NY which is near Ithaca and or Cortland NY. … read more
Michael Bradley
Michael Bradley
JD
1,371 satisfied customers
I am on the board of a non-profit incorporated in Kansas and
I am on the board of a non-profit incorporated in Kansas and I need to make a request in front of a Kansas Judge under KSA 17-6505 (d) If the election of the governing body of any nonstock corporation… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I am involved in a non-profit organiztion where the more
I am involved in a non-profit organiztion where the more than two related parties make up the board. I understand the IRS rules governing such, however i have been arguing and fighting with the board … read more
Attorney Wendy
Attorney Wendy
Member
Juris Doctorate
491 satisfied customers
I live in California and want to set up a non-profit
I live in California and want to set up a non-profit organization. Can you please provide some basic information about how to go about this?… read more
KLAW
KLAW
Juris Doctorate
2,037 satisfied customers
My business was labeled as a non profit in the state of but
my business was labeled as a non profit in the state of washington but as a for profit for the ein how do i change the washington to a for profit… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
What are the pros and cons of a non profit corp. My husband
What are the pros and cons of a non profit corp. My husband and I own a mobility business and moved to another state. We are profit right now, but thinking to change to non profit since we want to do … read more
KLAW
KLAW
Juris Doctorate
2,037 satisfied customers
I have a non profit that i didnt use for 2017. it is a youth
i have a non profit that i didnt use for 2017. it is a youth basketball program who helps community kids play and travel for basketball. i would like to change the usage of the non profit. should i ju… read more
KLAW
KLAW
Juris Doctorate
2,037 satisfied customers
I have a non-profit called Cancer Research Wellness
I have a non-profit called Cancer Research Wellness Institute. About 40 years ago, my mother, Charlotte Gerson [Straus] founded "The Gerson Institute," a non-profit based in San Diego. One of her ex-e… read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,034 satisfied customers
Are there any advantages to setting up a Non Profit LLC to
Are there any advantages to setting up a Non Profit LLC to furnish Auspices services to individuals instead of a for profit LLC?… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
What is the process of setting up a non profit and getting
What is the process of setting up a non profit and getting your 501-c3 status, how long does it take and what would be the cost? … read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,034 satisfied customers
Started a non profit and we want to amend the bylaws for the
started a non profit and we want to amend the bylaws for the president to never be voted out. … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I represent a small 501 c 3 non-profit cat rescue in
Good morning, I represent a small 501 c 3 non-profit cat rescue in Southern California.We provide rescue and rehoming to unwanted and homeless cats in the South Bay Area. We bring them into our rescue… read more
Richard - Bizlaw
Richard - Bizlaw
Attorney
10,793 satisfied customers
Is the CFO in a California non-profit organization needs to
Is the CFO in a California non-profit organization needs to be a California resident? … read more
WiseOwl58
WiseOwl58
JD Honors Graduate
4,034 satisfied customers
I represent a small 501 c 3 non-profit cat rescue in
Good morning, I represent a small 501 c 3 non-profit cat rescue in Southern California.We provide rescue and rehoming to unwanted and homeless cats in the South Bay Area. We bring them into our rescue… read more
Ely
Ely
Attorney
Juris Doctor
577 satisfied customers
We are a non profit membership organization and considering
We are a non profit membership organization and considering disbanding membership. We are a Pa Non Profit. What are the steps we would have to tale to disband the membership> … read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,399 satisfied customers
The founder of an active 501 c3 non profit organization has
The founder of an active 501 c3 non profit organization has retired and would like to transfer the organization to me. Can you advise how/if this can be done?… read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
36,174 satisfied customers
We are a small non-profit with five members on our board of
we are a small non-profit with five members on our board of directors, may a husband and wife sit on the board of directors, my wife was founder of our organization and I was co-founder, we live and o… read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
1,851 satisfied customers
I am the founder of a non profit and I want to know what
i am the founder of a non profit and I want to know what language to put in our bylaws that would protect me from being voted out, that gives me control to veto any decision and where that language wo… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x