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#667653 - 01/17/07 11:53 PM LLC Supporting Documentation
Delta Days Offline
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Joined: Jan 2007
Posts: 6
When opening a new account for an LLC which has multiple members that are comprised of an individual(s), other LLCs and/or Corporations, should it be required that the LLC and Corporation members provide their Articles of Organization and Articles of Corporation?

Would those documents still be required if no one from the member LLC or Corporation are going to be signers on the new account?

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Operations Compliance
#667669 - 01/18/07 02:03 AM Re: LLC Supporting Documentation Delta Days
RayLynch Offline
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RayLynch
Joined: Oct 2003
Posts: 544
With a LLC customer you need to obtain a copy of its Articles and Operating Agreement. You review the Operating Agreement to determine who will be the Managing Member(s) or the Manger. You do not need to get any documentation on members who will not be Managing Members.

For any Managing Member or Manager that is not an individual (e.g., a corporation, another LLC) then you need to get something from that entity that tells you who will act on its behalf in its capacity as the Managing Member or Manager of the LLC customer. While the CIP regulations don't require you to perform a CIP check on the Managing Member or Manager, most banks usually obtain a copy of that entity's formation documents in order to verify it exists (alernatively you could verify its existence from the applicable Secretary of State's web site).

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