Most Michigan banks (like Chase, Huntington, or local credit unions) will require a Banking Resolution if an LLC is owned by an entity rather than a person. This document proves that the Trust—as the owner—has officially authorized you to open the account and sign checks.
Banking Resolution for [Your Michigan LLC Name]
1. Entity Information
- LLC Name: [Full Name of Michigan LLC]
- LLC EIN: [LLC’s Tax ID]
- Sole Member: [Full Name of Wyoming Statutory Trust] (“The Trust”)
2. Authority to Open Account
The undersigned, acting as the Trustee of the [Name of Wyoming Statutory Trust], which is the Sole Member of [Name of Michigan LLC], hereby resolves that:
- The LLC is authorized to open a business deposit account with [Name of Bank].
- The following individual(s) are designated as “Authorized Signers” for the LLC:
- Signer 1: [Your Name], Title: Trustee of the Member Trust / Manager of LLC
- Signer 2: [Name of any Co-Signer, if applicable]
3. Specific Powers Granted
The Authorized Signers are empowered to:
- Establish, maintain, and close bank accounts.
- Sign checks, drafts, and orders for the payment of money.
- Endorse checks for deposit or collection.
- Enter into electronic banking and wire transfer agreements.
- Borrow money or obtain credit in the name of the LLC (if checked: [ ]).
4. Certification
The Trust, in its capacity as the Sole Member, confirms that this resolution was adopted on [Date], remains in full force, and does not conflict with the Trust’s Governing Instrument or the LLC’s Operating Agreement.
Signature of Trustee:
[Your Name], Trustee of [Name of Wyoming Trust]
Date: ____________________
What to bring to a Michigan Bank:
When you walk into the branch, bring a “binder” containing:
- Articles of Organization (The 1-page form from Michigan LARA).
- Operating Agreement (Linking the Trust to the LLC).
- EIN Confirmation Letter (The CP575 from the IRS).
- Certificate of Trust (The 2-page Wyoming Trust summary we drafted earlier).
- This Banking Resolution.
Pro-Tip: If a teller seems confused by the “Wyoming Statutory Trust” part, tell them: “The LLC is a single-member LLC, and the member just happens to be a Trust entity rather than an individual.” Most commercial bankers will understand that instantly.
Would you like me to help you draft the “Purpose” statement for your Michigan Articles of Organization to ensure it covers your intended business activities?