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WY Corp I am In PA Bank Account?

Discussion in 'Business & Tax Advice' started by infinitehorizons, May 24, 2011.

  1. infinitehorizons

    infinitehorizons Regular Member

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    How can I open a bank account if my corporation is in WY and I am located in PA--I hve a registered agent in WY as well.

    Should I just do all my business through paypal and setup a business account seperate from my personal one with a virtual bank?

    A referral to a CPA who understands the black hat marketing mentality would be appreciated too.

    Thanks for any advice in advance!
     
  2. -Jericho-

    -Jericho- Jr. Executive VIP Jr. VIP Premium Member

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    If you want a PA bank account you're probably going to have to file paperwork in PA at the state or county level to register your corp there and get a fictitious name for PA. I don't remember exactly how it's done because I had to do the same thing in FL with a CA corp. It's considered an out of state or foreign (don't remember the terminology) corp. Might be called something different in PA. Just call the people who take care of fictitious names.
     
  3. infinitehorizons

    infinitehorizons Regular Member

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    Thanks Jericho, but I am sure there is a way since I inc. in WY to do business out of state--since all of my business is being done online, setting up any thing that gives PA jursdiction over my finances is not going to work.

    There is a way for me to bank in my state without needing to do business as a foreign entity--this is the ultimate goal.
     
  4. Arche

    Arche Newbie

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    Could do an internet bank account

    If you want physical, you could open an account in Wyoming at a nationwide bank and then use a branch local to you. I would think someone like bank of america or some such would have branches in both places.
     
  5. prima

    prima Registered Member

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    I have a corp in DE and opened a bank account in NY.Most banks require local business license/presence requirements.But there are banks which will open bank account for out of state corps.You can try Wachovia/wells fargo or TD bank.(i have accounts in both of them)
     
  6. Dark Lord

    Dark Lord Junior Member

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    Yes, there are several companies that will incorporate you in one of the most secretive, non-tax, corporate friendly states there is, Nevada. One I looked at will open a bank for you in your corporate name if you use their incorporation service, and the bank will allow you to do banking in your home state without filing as a foreign corporation in your home state (which negates incorporating in another state to begin with).

    The incorporation service wanted $600-$1000 for filing fees, plus an annual registered agent fee which was pretty stiff.

    I'm sure banks could be found though by doing a little investigative work. ;)
     
  7. suga051982

    suga051982 Regular Member

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    My first question would be if you have paper work that states you are allowed to open an account for the business? If so, then you can take that paper work to any bank and open an account.

    If you dont have that paper, you are going to have to get one. No bank will open an account for you without proof that you are able to bind the company in legal matters.

    Good Luck
     
  8. Dark Lord

    Dark Lord Junior Member

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    True, and most banks will even provide that corporate authorization document if you do not have one. BUT, they also usually require a certified copy of the incorporation papers from the state, as well as your local business license.
     
  9. liquidadvisor

    liquidadvisor Newbie

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    there are quite a few lifehacks to be had with entities
     
  10. infinitehorizons

    infinitehorizons Regular Member

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    There is a way to do this to bank locally but not have to use my bank account. I just revisited this thread for the first time, in the process of using Wells Fargo with the help of a business branch manager in WY. They need my documents to process the request there and I have to go to PA branch to open the WY account as it requires a physical presence.

    Fairly straightforward process though. PM me if you have any questions or need help with the likes I w ill refer you to the company I used.
     
  11. jonnyquest

    jonnyquest Regular Member

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    just called my banker and she said just bring your Articles Of Incorporation with an EIN you get from the IRS and you can open an account here
    in Florida

    JQ
     
  12. judson

    judson Power Member

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    When I was researching this a while ago, I discovered that most banks will just let you walk in and open an account. In NY in particular, opening a bank account is not considered 'doing business' in the state, so it gets around a lot of paperwork.

    You do need your articles, some sort of board resolution authorising the business to open an account, your EIN and usually some sort of ID for the primary signatories on the account.

    You can speed things up with just a recommendation from your current bank manager though.
     
  13. infinitehorizons

    infinitehorizons Regular Member

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    Here is the answer to my question guys and gals...I knew I would find a way :)

    A bank with national presence is needed. Phone up the bank in the state you are incorporated in. This is an established practice, but you have to get a go from the banker in your incorporated state.

    sent to business branch manager in state which business was opened in.
    1. Articles of organization aka articles of incorporation
    2. 2 forms of id

    next you have to go into the same national bank in your state of residence with the same documents. The banker in your state will call the banker in the state of incorporation and the account can be opened there.

    No foreign corporation needs to be established in your state of residence as long as you have a phsyical address--which can be obtained through a virtual office in the state of incorporation.

    Hope this helps someone else :)
     
  14. prima

    prima Registered Member

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    Update:
    I have a corp registered in Delaware
    I opened a bank account in Virgina last week ,at Suntrust Bank
    What all the Bank wanted to see is the 'certification of Incoporation' and EIN letter from IRS.
     
  15. boone

    boone Newbie

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    Thanks for posting about your experience Infinitehorizons. A very informative post along with the rest of the thread.