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LLC Account Opening

Answered by: 
John Burnett

Question: 
We have an LLC that wants to open a deposit account. The members of this LLC are an individual and a different LLC. For example, Candy Shack, LLC wants to open the account and the members are John Do and Sweet Surprise, LLC. What kind of documentation do we need from the Sweet Surprise LLC to allow them to open this account?
Answer: 

Under the CIP regulation, you must document the identity of the LLC for which you are opening the account. In most cases involving an LLC, you also need, under your bank's CIP, to document each member of the LLC. That means verifying the existence of Sweet Surprise LLC from your example. You should obtain documentation that the both of the LLCs actually exists and is registered with your state.

First published on BankersOnline.com 12/03/07

First published on 12/03/2007

Filed under: 
Operations
Filed under operations as: 
CIP

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