Business agreement

[Kodiak]

Not sure where to put this but I will try here since most here are in business. I recently applied for a change of business name because I'm moving and the name is not appropriate for the location and I went to the bank to start a new business account and the lady is asking for some sort document agreement on the people in my business and who can spend the money and such. I'm a in home based business not a store. I will have my business reg and that is what I used before. Any ideas here and if so is there a form I need? This is a LLC business.

[hudsonsmith]

I work for a bank, and the documentation requirements for new accounts have grown substantially due to the Patriot Act and Bank Secrecy Act. I can give you more specifics on Monday.

They could be asking for the LLC Operating Agreement. This is different from the Articles of Organization you filed with your state. It sets outs the operational and management responsibilities of the members of the LLC (even if its just you). http://smallbusiness.findlaw.com/bus...agreement.html You're not required to have one, so it sounds odd that the bank would be requiring it.

Or, they may be asking for a separate document specifying who is authorized to make deposits and write checks on your business account (this would govern employees too, not just LLC members). This is usually a bank form, but perhaps they want some sort of resolution by the LLC.