Based in Sydney, Australia, Foundry is a blog by Rebecca Thao. Her posts explore modern architecture through photos and quotes by influential architects, engineers, and artists.

Does a Business Banking Account Need to Be Opened in the Same State an LLC Is Filed In?

No. The bank account should be opened in the state where the business is operating and at least one of the LLC members resides. For example, if you incorporate your LLC in Delaware, but the company’s principal place of business is in California, then the bank account needs to be opened in California.

If you are operating in more than one state or have members who reside in different states, then it makes sense to use a larger bank with offices and branches in those states.

Banks will not allow you to open a business account without first having your Articles of Incorporation. If you’re fortunate enough to live in a state where you can incorporate online, then you can usually print out the Articles immediately and bring them with you to the bank. Otherwise, you might need to wait a few days.

In addition, banks will require you to have an EIN, which you can obtain immediately online by going to this IRS site. You must have both the Articles of Incorporation and the business’ EIN in order to open an account.

Each person authorized to access and use the account will be required to execute a signature card. Co-signatories who reside in separate states will need to sign in order to be an account holder, so some coordination is involved unless you are all present in the same branch when opening the account.

Finally, no one under the age of 18 will be permitted to open a business account without an adult. A minor can be a joint account owner, but will not be able to open an account on their own.

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