I recently started a software company with a non-US citizen (I am a US citizen and a resident of New Jersey). We formed an LLC. However, most banks will not allow us to open an account unless both members are physically present with proper identification. Is there a solution to this dilemma in which one member can act as a representative of the business in order to complete basic tasks such as opening a bank account? Thanks for any insights.
4 Answers from Attorneys
I forwarded your question to a few banks I have relationships with... If I hear of anything, I'll let you know.
BTW... Since you formed an LLC, these newsletters should be of interest....
LLC Post-Formation Considerations...
NJ's New LLC Law...
Generally speaking, it is sufficient for one person to open a business bank account. I represent many foreign entrepreneurs and can assist you in the matter. Feel free to contact my office at your earliest convenience.
Roman R. Fichman, Esq.
www.TheLegalist.com │ @TheLegalist
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First, you should have an attorney prepare an Operating Agreement. Since you are local, I suggest that the Operating Agreement be for a Manager rather than member managed LLC. That should be sufficient. I represent many LLCs with multiple members and this seems to have eliminated the issue. Secondly, if you go to a large bank with employees constantly changing, it is more difficult than with a more local bank.Since you are in Gloucester County, I can suggest several appropriate banks.
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