I formed my LLC last year and used my home address for the state filing. Now I'm opening a business bank account and the bank is asking for a physical business address. I don't have an office, just work from home. Do these addresses have to match exactly? I'm worried about privacy and don't want my home address on bank documents if it can be avoided. Has anyone dealt with this?
LLC Banking
Does the address on my LLC filing have to match my bank account?
They don't have to match but banks often want a physical address forr the business. Many people use a registered agent service or a virtual office for the LLC filing and then use their home address for the bank. The key is that the bank wants to know where you actually operate. If you use a virtual address, some banks won't accept it as a physical address. You should ask the bank what they consider acceptable.
Mine don't match. My LLC is registered at my accountant's office (he's my registered agent) and my bank has my home address. No issues so far, been two years. The bank just wanted a utility bill or something with my namme on it to verify the home address.
What bank? Some are stricter than others. I tried to open an account with one and they insisted the address on the LLC documents had to be the same as the bank account. I walked away and went to a loacl credit union instead. They were fine with my home address for both.
Thanks. I'm looking at a smaller regional bank. I'll call them first to see what they require. I don't want to pay for a virtual office if I can avoid it.
Privacy is a valid concern. If you use your home address for the LLC filing, its public record in many states. Using a registered agent service for the LLC and your home for the bank might be a good compromise. But as coffeeandtaxes said, the bank may ask for proof of address. Just be upfront with them
Also, if you use a virtual office, make sure it's not just a mailbox. Some banks flag those as not being a real physical address. A registered agent address is usually fine because it's a real office.
I'd second calling the bank. Policies vary a lot. Some just want a mailing address, others want a physical location. Better to ask before you fill out paperwork.
One more thign: if you do use a different address for the bank, make sure it's consistent with what you put on your tax returns and other official documents. The IRS doesn't require them to match, but it can raise questions if they're wildly different.