Opening up a corporate bank account for an LLC with bad personal credit.

Every bank has its own rules for what credit risk it will take on a user. Some will simply not do business with a LLC associated with a poor credit risk, and others will. You only find out by asking. Smaller banks tend to be more open to this type of business. Almost no lender provides credit to a LLC with an owner who has poor credit. Again, each bank is different and there are many factors which go into such a decision. Almost always for a new LLC the lender will want a personal guarantee from the owner, which means his or her credit history is an issue. My firm assists NYC business in getting a LLC started.

On my profile there are several legal guides. I recommend reviewing the following which may be helpful to you:


Hiring a lawyer; Is it Legal? Is it Illegal?...Understanding the different court systems;
Introduction to Legal terms used in litigation; Limitations on a Lawyer’s License: What a Lawyer Can and Cannot Do……………………………..…………………………..

New York City: A Guide to the Courts……………………………………..

Commercial litigation: How to Handle a Dispute
Taxes, Regulations, Appeals, Problems and Representatives .

How to Succeed in Business by Really Trying: Wise Moves and Dumb Moves

Our law firm may be able to assist you in this legal matter. You can access our contact information at our website: www.sarnoanddefelice.com or my avvo profile.


LEGAL DISCLAIMER…………………………………………………………………..
Mr. Sarno is licensed to practice law in NJ and NY. His response here is not legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Sarno strongly advises the questioner to confer with an attorney in their own state to acquire more information about this issue.

You will likely have no difficulty opening the bank account as that presents no risk to any bank. However, in my clients' experience, nearly every bank (especially in this climate) evaluates the personal credit history of the company's principals, prior to issuing a line of credit or credit card (in some instances even making a principal sign for personal liability on the card). It is unfortunate, but as mentioned, every bank is different and some are more/less conservative then others.