How to Open a Wyoming Bank Account for an LLC or Corporation 2022
If your business is an entity, such as an LLC, you should have a separate Wyoming business bank account. This is an excellent way to keep your business and personal transactions separate. Federal bylaws give different protection of personal and business bank accounts. Therefore, you need to open the correct banking to protect your finances in the event of a lawsuit. The standard business accounts include checking, savings, credit card, and merchant services account.
Opening a Wyoming LLC bank account has many advantages. The main one is that it offers legal liability protection. Suppose you mix corporate money with your money; the bank looks and decides that you aren’t operating as an LLC. As a result, you could lose the legal protection associated with a corporation. If you are physically in the state of Wyoming, it is easy to open an account for your Wyoming LLC or corporation. Simply walk into the bank of your choice with your LLC forms. However, it can be complicated if you don’t live in Wyoming state and can’t travel to open one. Follow these steps to open your LLC bank account in the state of Wyoming without leaving your home state.
How do I set up a business bank account for my Wyoming LLC
You need specific documentation when opening a Wyoming business bank account. They include a social security number, articles of incorporation, certificate of good standing, EIN, and a corporate resolution to open.
Obtain a business license
The bank will require you to present a business license when opening an account in the name of your LLC. Hence, contact your local municipality for a small business license. You will submit a copy of the license to the bank.
Hire a registered agent service
You will need to appoint a registered agent who agrees to receive legal paperwork on behalf of your LLC. This is because you need to use their email address on your application as a corporate headquarter. The registered agent can be an LLC member or employee who lives in Wyoming state. They offer free mail forwarding, among other services.
Choose your bank
Decide which bank is perfect for your LLC needs based on how it serves your limited liability company. It will have several functions, such as collecting funds, paying clients, and completing other financial transactions. There are several Wyoming banks you can consider, including Wells Fargo and Bank of America. Check whether the bank includes a debit card as it makes it easier to pay expenses for your corporation with these services.
Select a bank based on the minimum balance requirements, overdraft protection, fees, and interest, among other factors. For example, look for a bank with no monthly maintenance fees and a reasonable minimum balance requirement. Examples are LegalZoom that offers minimum balance requirements in the states of Wyoming and the state of Nevada.
Gather the documents needed for a bank account application
Determine which verifications are needed to open an LLC account. Most banks in the state of Nevada require that you verify crucial information before opening. For example, you must verify the legitimacy of the limited liability company using accurate licensing information and the names of authorized members. Provide the tax ID number and the company name to the bank.
Send supplemental documentation
Collect all the required documentation that the bank requests. In the state of Wyoming and Nevada, the banks ask for initial articles of incorporation and proof of EIN. You must also provide the LLCs operating agreement, a business license, and the fictitious office name certificate.
Sign the LLC account
You will need a copy of the corporate resolution that shows the authorized signers for the company. Note that the signer on the LLC account can a member or a hired manager related to the company. Before the small business owner agrees to open a bank account, they must state rights to parties detailing who can act as authorized members to sign. This is important if the LLCs operating agreement doesn’t spell out the signers.
Do I have to be present to set up an LLC business bank account?
You can only open a Wyoming bank account in person. While you don’t have to be present, you can call and designate an office member to open by authorizing them in your operating agreement. The bank will see that the member present has the authority to open accounts for your corporation. In most cases, the bank will not transact with members who are not officially licensed to do so.
Present several documents to form an LLC bank account. They include a social security number, legal company name, EIN, articles of organization, and tax ID numbers from the IRS. You can also open an account online instead of visiting the bank branches in person. However, this option is only available for select companies related to telemarketing, exchanging currency, and gambling.
Why You Need to Open A Bank Account
The IRS recommends keeping separate business and personal accounts for easy record keeping. Since your company is a separate legal entity, opening a bank account helps organize your records and avoid overspending. It is also crucial in reconciling the bank statement. Wyoming LLC bank accounts offer benefits that don’t come with a standard bank. They provide limited liability asset protection by keeping your company funds separate from your private funds.
It’s essential to have a separate account for your corporation and prove that it is an independent financial entity. This is particularly important in the event of a lawsuit or significant liability. LLCs offer asset protection against your finances. Your company members’ finances will not be at risk for liability and debt because the bank charges you as a filed corporation. A bank account gives you additional credibility that can influence the decision of clients and suppliers. For example, clients will pay you with credit cards instead of directly making checks for you. It also makes it easier to calculate your tax. By providing separation between personal and Company finances, it lowers your tax bill.
How to Get a Free Wyoming LLC Bank Account:
If you don’t want to pay a monthly fee, you can get a free Wyoming business bank account that does not require an annual or monthly fee. However, it can charge fees for some services, such as overdraft fees and wire transfers. Most banks in the state of Wyoming or Nevada don’t charge fees or minimum balances while offering unlimited reimbursements for costs from ATM providers.
The key to running a successful business is to keep profits up and costs down. Hence, getting a free account is an excellent place to start. It’s essential to form a separate account for your business and prove that it is an independent financial entity. This is particularly important in the event of a lawsuit or significant liability. For example, ensure you understand all the bank’s fees on the menu. Search for a genuinely free business checking account or one that has a waivable monthly fee.
There are several features to consider when choosing a free Wyoming company bank account. If you want personalized services and access specific to your area, consider the local banks or credit unions. They have similar features to a traditional brick-and-mortar bank. Select the conventional brick-and-mortar bank if you want ATM access and cash deposit service.
When opening a business checking account, the banks will require basic information about your business and its incorporation document. Some banks in the state of Nevada will require a minimum initial deposit. For example, you will pay between an initial fee of $2.99 a month to $9.99 to maintain your business checking account.
Having a business bank account is a recommended way to separate your business and personal finances. It is relatively simple to open a bank account in Wyoming state. You only need proper documentation depending on the type of business incorporation you have. If you are opening an account with a large bank, find branches near you. It’s also essential to call and consult with experts to determine which verification is needed to form a Wyoming LLC account.
Frequently Asked Questions
You will need a copy of the corporation, The federal taxpayer identification number, and forms to state whether the members are authorized to sign on your behalf.
Several banks such as Axos, Zenbusiness, and Wells Fargo allow you to open a business checking account online. In most cases, you will need an initial deposit of at least $100 for banking or $500 for an online brokerage account.
You must provide verification files when opening an account. The most important ones are the copy of the Wyoming corporations’ articles of incorporation, certificate of good standing, your social security number, and the EIN.
It’s essential to have a separate bank account and prove that your business is an independent financial entity. This is particularly important in the event of a lawsuit or significant bylaws liability.
Yes, you can use the registered agent address as your corporate headquarters and set up your Wyoming company bank account using their address.
When opening a free business checking account, the banks will require basic information about your business, personal identification, articles of organization, and business formation documents.
+ 2 sources
- Wong, B. (2019). How to Open an LLC Bank Account. [online] Legalzoom.com. Available at: https://www.legalzoom.com/articles/how-to-open-an-llc-bank-account [Accessed 30 Oct. 2021].
- ZenBusiness Inc. (2021). Start Your Wyoming LLC Today. [online] Available at: https://www.zenbusiness.com/wyoming-llc/ [Accessed 30 Oct. 2021].