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Banking and a sub s corporation

Asked by: bruce - 27 June, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 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
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/35.jpg-687fc92d5f6c5febcbdccb6895b08b8c 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.

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