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© 2009-2014 Dana H. Shultz, Attorney at Law

  1. 9/21/2012 | 7:34 pm Permalink

    IF ACCOUNTANT OPENS BANK ACCOUNT,
    Can he open an account for a company without having the authority to access it?
    Can the foreign client personnel get authority to do transactions with this account?
    If accountant needs to be authorized personnel to access the account (if this is rule to open an account for client) then it will be security issue.

    Can you please elaborate on this?

    • 9/21/2012 | 7:46 pm Permalink

      The accountant must have access to the account – thus must be trusted. Other individuals may have access, too.

      • 8/24/2013 | 7:14 am Permalink

        I am finding your posts very helpful! Thank you. Can an international company ( UK Limited company) open an account in the name of the company in the US. We are finding some banks are reluctant to do this and want it to be in the name of the US VP with the annotation
        “doing business on behalf of…” Is this common? In the UK it would not be normal to have the name of a company officer on a corporate bank account. I would be grateful for you advice.

        • 8/24/2013 | 7:50 am Permalink

          A US bank will open an account only for an individual or entity located in the US – thus the awkward reference to the US officer on behalf of the UK Ltd. What you want to accomplish can take place most readily by creating a US affiliate or subsidiary of the UK Ltd. That US entity then can obtain an EIN and open a bank account, with the current US VP being an officer of, and signatory for, the US entity.

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