Business setup

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#1
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298
Joined:
2-May-2014 8:21am
Location:
Missouri
Ten years ago I created a single-member LLC filing as a Sole Proprietorship. I opened a bank account for my business then as well but didn't include my wife's name on the account thinking I couldn't since it was a SMLLC. Now the bank won't let me add her to my business account.

I need to get her name on the account in case something happens to me so I'm asking for suggestions/input on how to proceed if anyone has anything to offer.

1. Can she be added as a beneficiary on my SMLLC business without making it a MMLLC?
2. How should my LLC be setup for my wife or child to take it over if something happens to me?
3. Is it possible to get her name on my business account at the bank without changing much?

Thanks for any help or guidance.
 

#2
sjrcpa  
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6575
Joined:
23-Apr-2014 5:27pm
Location:
Maryland
The bank should let you add an additional signer to a business bank account.
 

#3
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298
Joined:
2-May-2014 8:21am
Location:
Missouri
That's what I thought as well. May need to try another bank.

Do you know/anyone have a suggestion on how I should have my tax business setup so that my wife or child can take over if something happens to me?
 

#4
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3769
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21-Apr-2014 11:24am
Location:
North Carolina
Just throwing this out there. Would an S Corp with her as an officer work?
 

#5
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6109
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22-Apr-2014 3:06pm
Location:
WA State
sjrcpa wrote:The bank should let you add an additional signer to a business bank account.


I manage an LLC for my mom and my aunt. They are not signers on the account. I am. I am not an owner of the LLC. They are.

If your bank is so inflexible as to not allow this, move your account. Better yet, insist on speaking to someone else who actually wants to serve their customer (you).
~Captcook
 

#6
Posts:
298
Joined:
2-May-2014 8:21am
Location:
Missouri
Okay, thanks for the replies folks! I appreciate your time.
 


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