How do you prove you own an LLC?
Looking to open a bank account for your anonymous LLC? If there is no public record of ownership for your LLC, you’ll have to provide private records to banks in order to open an LLC bank account.
Colin Ley is an asset protection attorney and the creator of the PREP Trust® and Better LLC™. He is also the co-founder of LayRoots (along with with partner in life & business – Shreya Ley)
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Transcript:
Howdy folks. Colin Ley here. I’m an attorney at LayRoots. LayRoots is an amazing asset protection law firm. We had a question from a reader or viewer of our videos, and they wanted to know that if they are setting up an LLC that has no public records of ownership, management, anything like that, it’s an anonymous LLC, a private LLC, then how on earth do they go about walking into a bank or goin’ online to a bank and opening an account?
Before we get there though, if you have questions about setting up your own asset protection plan or anything that we’re talking about in these videos, you can go to livemorecarefree.com, set up a free initial chat with us. Again, that’s livemorecarefree.com.
All right. So, you set up this private LLC, anonymous LLC and then how do you go about using it? So if there’s no public record of ownership and you know, in certain states that can make things easy. When you’re going in and opening up a bank account, banker just goes online, pulls up the database and can verify that you’re the owner or manager, whatever that may be, whatever it might be online there. So if there’s no public information, you basically have to provide private information to the bank.
So an example, I just went through this recently with a couple of LLCs. You might provide an operating agreement. An operating agreement is gonna show who the members are, who the member is, the managers are, you might do some meeting minutes that shows again, who the managers are, members, that possibly a manager or whoever is in charge and authorized to open that bank account, to deal with the finances.
Basically, you are going to make some sort of affirmation and promise to the bank that, these are the people who are authorized. These are the owners and the bank is going to rely on those statements to cover their butts and do their due diligence, to make sure that they’re working with the right owners, managers.
Once you provide that information, you’re gonna be happy. They will open up the bank account for you and you will be on your way.
So that’s it. If there’s no public information available for your LLC, you’re gonna provide private information to the bank in order to open a bank account. And again, you know, it’s going to vary by bank.
Every bank is gonna have their own policies. Some people will want, you know, X document, others will want Y. Basically you have to go to the bank and find out what they are going to want to prove that you are the owner, the member, or manager of your LLC.
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