Bank Account Problem

5 Replies

I'm having a hard time trying to find a bank that I can open a business account with online. I'm currently overseas with limited ways to communicate with others besides email. I think I can open another personal checking account at the bank I already have and it'll be under my name but i'm trying to buy out of state rentals with an LLC I own. Would it be frowned upon to use a seperate personal account strictly for the business until I get back to the states in about 6 months to phyiscally go and open a business checking account. The only purpose of the account would be to collect payments and pay bills like taxes and insurance on assets held by the LLC.

If you mix personal and LLC accounts, you can open up a huge can of worms. From what I understand, that essentially negates the protection you get from having an LLC.

@Roshan K.

Ya I know it looks sketchy and defeats the purpose of the LLC but I figure if I kept the funds seperate and can prove that they were used for business purposes only it wouldn't be so bad as a temporary fix.

@Daniel Hyman

Thanks for the idea but another problem I have with using the government internet is a lot of things on websites don't work because of the firewall and network settings so when I try to apply for the account it just doesn't go to anything.

Originally posted by @Gerhard Listander :

@Roshan K.

Ya I know it looks sketchy and defeats the purpose of the LLC but I figure if I kept the funds seperate and can prove that they were used for business purposes only it wouldn't be so bad as a temporary fix.

@Daniel Hyman

Thanks for the idea but another problem I have with using the government internet is a lot of things on websites don't work because of the firewall and network settings so when I try to apply for the account it just doesn't go to anything.

I think if you open another account and keep the funds separate you should be ok, but I'm no lawyer

I don't see any reason why this wouldn't be an acceptable solution. So long as your original fee to open the account is booked as a personal contribution to your business and all the transactions are business-related, it seems like your best solution until you get back stateside. Make sure to keep backup documentation for each transaction if possible and transfer the balance when you return.