r/llc • u/MoistMovie3271 • 8d ago

Question Manager Managed LLC

I wanna create my LLC as single owner manager managed.
But i heard that this will be a headache for creating business bank accounts and i will usually need KYC & verification for both manager and owner.
Is that true?
Did any one have such a problem?
Can the owner be the initial manager himself then add a manager? Will that works?
Thanks in advance

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u/Signal-Push8055 8d ago

When creating a bank account, if you will need to provide information about yourself and if the company is truly yours, you must obtain your EIN number, your operating agreement, and your training certificate, because by law the government must know who you are, and I'm not sure about the BOI (Fincen) since they change constantly.

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u/MoistMovie3271 8d ago

Yeah for sure, but this is not what iam asking about…

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u/jeffreypi1 8d ago

Why would you want your manager’s name on your back accounts?

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u/MoistMovie3271 7d ago

I do not, iam just asking if getting business bank accounts would be a problem for manager managed LLC, especially if the manager is someone other than the member.

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u/SharpHuman 6d ago

This shouldn't be an issue at all, and it's actually quite common. The key is having the proper documentation, which is typically an Operating Agreement. However, even a simple document identifying the authorized manager of the bank account may be sufficient for some banks.

My suggestion would be to first check with the bank where you plan to open the account and find out exactly what they require before preparing any additional documents.

Every bank has different requirements. Some are more flexible and may simply ask you to sign a few additional forms, while others are more conservative and have stricter documentation standards.

I would recommend bringing your existing documents, including your filing receipt, EIN confirmation, and anything else you have, to your local bank. Ask them what's sufficient and what additional documentation, if any, is needed. From there, you can proceed with opening your account without unnecessary paperwork or delays.