I am starting an LLC with me and another member that resides in another country. From what I understand both members need to be present to open the bank account. Is there a way around this? Doesn’t make sense for my partner to travel across the world For this.

Thanks

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Posted by LSUFanHouston

NOLA

Member since Jul 2009

37081 posts

Posted on 7/1/19 at 2:26 pm to Xcalibur2017

If the LLC has been set up with the state and has all the proper authorizing documents, including a resolution authorizing the opening of accounts, your partner only needs to be there if he is going to have access to the account, can sign checks, etc.

If he is going to have account access / be able to sign checks, you are going to have some Patriot Act issues to navigate with the bank. I would look at a bank that is big enough to have experience with international issues (which is the complete opposite advice I normally give for small businesses needing a bank).

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Posted by Xcalibur2017

Member since Apr 2017

602 posts

Posted on 7/1/19 at 7:41 pm to LSUFanHouston

Thanks
I was looking at capital one or chase

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Posted by baldona

Florida

Member since Feb 2016

20440 posts

Posted on 7/2/19 at 7:56 am to Xcalibur2017

Are you both ‘managing partners’? I would ask if you can get it notarized.

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Posted by Zipfer2022

Member since Nov 2011

3736 posts

Posted on 7/3/19 at 6:15 pm to Xcalibur2017

You will need to comply with foreign withholding for tax purposes for the foreign partner. Beware.

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Posted by Slickback

Deer Stand

Member since Mar 2008

27680 posts

Posted on 7/4/19 at 9:47 pm to Xcalibur2017

I’m in the process of doing the exact same thing. I know I have to get a certificate of authority with the title company but the bank account is the next step. He’ll be here next week so I think we can open it then, and then I’ll have the COA to do any future transactions.

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