Banking in the state of your LLC. Can it differ from your home state?

Question

Hello anyone have a business bank account in their home state for a WY LLC.

We have a LLC set up in WY for our family management company. I set it up there for the privacy that WY offers from 3rd parties. As a holding co in WY used only to move money no service is actually provided in either state related to this business, I was trying to set my business bank account in FL my home state and my "national bank" will not allow. They require the business to be registered in FL to have a business account. Has anyone encountered this issue or know of any other way to go about this or even have someone they can recommend we reach out to?  We do have an attorney working as our RA in WY as well.

Thank you

Keri

Greg Scott · Answer

I'd just register your WY LLC as a foreign entity in FL.  You can use an attorney or a separate service as your Registered Agent so your address isn't showing up.

Cindy Young · Answer

Keri - you may also want to check into Fidelity - they have great bank account options - both business and personal - with $0 min, $0 fees including no wire transfer fee and no limit on the amount of money you can transfer.  Fidelity has offices in many places across the country including Florida.  The business accounts are referred as Business Brokerage and the personal accounts Cash Management - each type has two offerings, one offering with a higher interest rate paid on cash balances.

Cindy Young · Answer

Wise and Relay are supposed to be good options for online banking.  I am researching Wise.  Great to know about Wells Fargo!

Account Closed · Answer

I have worked with Relay and enjoyed their services very much.

Account Closed · Answer

You could always look into a "purely online" bank as well, that way state borders would not be an issue.

Keri Aiken · Answer

In case anyone wonders what ever happened with this as I do appreciate the time you all took to provide your experiences.  I did attempt a foreign entity in FL, I am still getting letters stating they need an original certificate of good standing and they do have the 87 dollars I sent to register as a foreign entity. I thought I had already taken care of the paperwork they are requesting but I have another letter from them.

In the mean time I did go online for Wells Fargo and their business accounts allows you to mark up to 3 states and being registered in WY was not an issue.  I plan to contact Florida Dept of State to see if I will be able to get a refund of the 87 dollars as I no longer am required to register as a foreign entity.  Thank you again Kathy Brengle!

Doug Smith · Answer

Hi Keri, Tampa here too. I spent spent many, many years as a banker prior to us forming this company during the last crash. You won't have an issue provided you register the WY LLC in FL. If you're going to use a bank in FL, start with the following link: https://dos.fl.gov/sunbiz/

It will guide you on how to register in FL. Once you've done that, you'll want to take your Articles of Organization from WY, your registration in FL, and your IRS SS-4 form, which is the letter you got when you got your EIN number when you first started. They might also want a fully-executed Operating Agreement showing who is allowed to open your bank account and sign checks on behalf of the entity. It's not that hard. You can do it. If you have any questions, PM me. I'm happy to advise.

Jorge Vazquez · Answer

Hi Keri,

I've navigated this several times over my 20 years in the field, both for myself and for clients. I recently purchased an LLC from another state that owned properties, so I understand the nuances. I recommend registering your WY LLC as a foreign entity in FL. This process will allow you to open a business bank account in Florida without the need to re-register the entire business. If you need assistance with the setup, my best friend is a lawyer who specializes in these matters and can help. Just let me know!

Best,
Jorge

Keri Aiken · Answer

Thank you Kathy Brengle!

Banking in the state of your LLC. Can it differ from your home state?

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