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Updated over 7 years ago,

User Stats

104
Posts
47
Votes
Krishnan T.
  • Real Estate Professional
  • Tampa, FL
47
Votes |
104
Posts

LLC and Bank account

Krishnan T.
  • Real Estate Professional
  • Tampa, FL
Posted

I recently opened a LLC in Michigan for a investment property that I bought in Michigan. I wanted to open a small business bank account for the Michigan property rental checks to go into the account . I went to a few the local banks to get it opened and found out to my dismay that the bank wanted my LLC to be registered on Sunbiz (Florida LLC registry),they would not open an account for the Michigan LLC even though I was able to provide a certificate of good standing from Michigan. Registering a LLC in Florida after it is already registered in Michigan has multiple issues which are: 1> Pay the fees for registration and lawyer in Florida also 2>What if during registration process the name is already taken in Florida ?

I called up my local Wells Fargo and they were willing to open the account, problem is that the terms of the account were more favorable with the smaller banks. So were the smaller banks banker misinformed ?

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