Can a Registered Agent Open a Bank Account Without Client’s Consent?
No, a registered agent cannot open a bank account without the client’s authorization. Written consent from the client is typically required to initiate the account opening process.
How to Open a Bank Account with a Registered Agent:
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Provide Unanimous Consent: First provide the agent unanimous written consent to authorize them to act on your behalf to the bank.
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Document Requirements: You might provide a certified copy of a DBA to open a business bank account, since businesses can’t use a personal bank account.
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Legal Representation by Agent: An agent may represent a client in dealings with third parties. The person represented by the agent is called the principal.
Who Can Open a Bank Account on Behalf of a Company?
The primary applicant must be an owner (minimum of 25% ownership in the business) or an authorized officer; additional owners listed on the application will need to have a minimum of 25% ownership.
Opening a Bank Account for Someone Else:
Opening a bank account for someone else is possible if you are a co-owner or have power of attorney. A power of attorney can open a bank account themselves by completing paperwork and providing identification.