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Open Acct. for Entity-LLC & Individual?

Answered by: 
Randy Carey
John Burnett

Question: 
Can a bank account be opened for an entity such as an LLC and a person i.e., JSmith Properties LLC and Suzy Sparkles? Suzy Sparkles is not a member of the LLC.
Answer: 

by Randy Carey:

It would have to be some sort of partnership. I would not allow it to open as just a joint account.

Answer: 

by John Burnett:

The FDIC would not recognize such an account as a joint account for the purposes of separate deposit insurance coverage.

First published on 05/19/2019

Filed under: 
Compliance
Filed under compliance as: 
Business Accounts/Checks

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