Opening a Business Bank Account with a Partner
Hi BiggerPockets Friends,
My business partner and I are looking into opening a business bank account. Each of us has our own holding company LLC and the property is held in an LLC which we both own 50-50 through our holding company. How does it work to open a business account together? We have a level of trust, but just so we don't run into any issues down the line with someone withdrawing extra money or fraud situations, how do we split the profits into an account that neither of us can withdraw all of the funds from without approval from the other partner? I asked Chase Bank and they said this is not possible. Any input would be appreciated. Sorry in advance if this wasn't enough info, but I can add whatever input is needed. Thanks!