Call Us Now: +1 (877) 330-2677 Live Chat: ONLINE NOW   

Banking and a sub s corporation

Asked by: bruce - 27 June, 2012 We have a sub s corporation started in Delaware. You answered a question about having a Wyoming LLC, with them banking in New York, and the company getting an exemption from filing as a foreign corporation because their accountant wrote a letter saying that the company was not going to do business in New York. Would this apply in our case?
Answered by: Robert Kowalski - 28 June, 2012 Dear Bruce,

It wouldn't matter what type of company that is and what state it is registered in - as of today that's what most banks require: either your company's proof of registration in the state where the bank is located, or a letter from a company CPA or attorney stating that this company does not conduct business in that state.

Having a bank account does not necessarily create "nexus" in a given state, however its either the banks nowadays are cautious and want to protect themselves with some extra bureaucracy, or there are new regulations that require them to do that - I wouldn't be able to say for sure, but thats the reality so far.


We Want To Connect With You!

Social Media is increasingly the preferred method for businesses to connect with their clients, peers and customers. We are dedicated to share information and useful tools to help you grow your business.

Like us on Facebook, follow us on Twitter, and let's begin the exchange to Help Grow America One Business at a Time - starting with yours!