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Canadian citizen, US LLC (individual), and bank account advice

Asked by: Andrea - 17 February, 2012
I am a Canadian citizen looking to form a US LLC in the state of Wyoming for an internet business consulting site (individual owner).

I have family in Denver and visit often and was wondering if I can set up the bank account for the LLC in Denver even though the primary address of business is in Alberta. Do I have the option of setting up the bank account in Alberta? I am curious as to my options and how that affects tax implications with Revenue Canada depending on where this bank account is located.

Thank you!
Answered by: Robert Kowalski - 17 February, 2012
Dear Andrea,

You can indeed open a bank account for your WY LLC in Colorado. You might be required to supply a letter signed by your company accountant or an attorney stating that your LLC does not do business in Colorado. Typically its a simple letter, and the bank should supply you with a sample.

You can also set up a bank account in Alberta, however for that your bank might require you to supply them with the Articles of Organization that were certified by the US State Department and the Canadian Embassy (Canada does not recognize Apostille). This is doable, but comes at extra cost, so I think if you can do it in Colorado it might be a better idea.

As far as tax implications go I would recommend you to consult an accountant specializing in international taxation, as this topic is beyond the scope of our website.

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