The LLC Operating Agreement Bank Account provisions are essential for any Limited Liability Company operating in the United States that needs to establish and maintain banking relationships. This document is typically implemented during LLC formation or when updating banking procedures, providing clear guidelines for financial management and authority. It addresses crucial aspects such as account establishment, signatory rights, transaction limits, and compliance with both federal and state banking regulations. The agreement serves as a fundamental tool for maintaining proper financial controls and ensuring smooth banking operations.
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1. Parties: Identifies the LLC and its members
2. Background: Context and purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Bank Account Authorization: Establishes authority to open and maintain bank accounts
5. Signatory Rights: Defines who can sign on behalf of the LLC
6. Banking Operations: Procedures for day-to-day banking activities including deposits, withdrawals, and transfers
7. Security and Access Controls: Procedures for maintaining security of bank accounts and access credentials
8. Record Keeping: Requirements for maintaining banking records and documentation
1. Online Banking: Procedures and protocols for digital banking access and electronic transactions
2. International Banking: Procedures for international transactions and foreign currency accounts
3. Credit Facilities: Terms and conditions for loans, credit lines, and other banking facilities
4. Multiple Account Management: Procedures for managing multiple bank accounts across different institutions
1. Schedule A - Authorized Signatories List: Comprehensive list of individuals authorized to conduct banking transactions
2. Schedule B - Banking Resolution: Formal resolution authorizing bank account establishment and operations
3. Schedule C - Transaction Limits: Detailed schedule of transaction limits for different authorization levels
4. Schedule D - Approved Banking Institutions: List of approved banks where the LLC may maintain accounts
Relevant legal definitions
Clauses
Relevant Industries
Small Business
Real Estate
Professional Services
Retail
Relevant Teams
Finance
Legal
Operations
Treasury
Compliance
Relevant Roles
Chief Financial Officer
LLC Manager
Treasurer
Controller
Managing Member
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