My business partner and I are looking into opening a business bank account. Each of us has our own holding company LLC and the property is held in an LLC which we both own 50-50 through our holding company. How does it work to open a business account together? We have a level of trust, but just so we don't run into any issues down the line with someone withdrawing extra money or fraud situations, how do we split the profits into an account that neither of us can withdraw all of the funds from without approval from the other partner? I asked Chase Bank and they said this is not possible. Any input would be appreciated. Sorry in advance if this wasn't enough info, but I can add whatever input is needed. Thanks!
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y
Your business relationship should be built on trust, if you have concerns your partner is going to draw more money than they should you should not be doing business with them. There is no way to mitigate other than getting notifications when money is withdrawn.
Someone on this forum recommended both Titan Bank and Solera Bank.
I just set up an account with Titan Bank and the application process included specifying percent ownership within the LLC. Based upon my very recent experience with them, I feel confident that they will understand exactly what you are trying to do, and why, and will be able to help you.