ryan_hunter
Junior Member
Background: I am forming an s-corp with myself and 1 partner. Realistically, this is "my" business and he is more of a sleeping partner than an equal partner. I chose s-corp at the recommendation of my CPA as he said it would work better for tax reasons, and that if I only had myself in it then liability could still fall onto my personal assets as it would just be a one-person company and wouldn't provide as much protection.
I am asking this question here as my accountant is currently on vacation and is taking awhile to get back to me. I realize I could just go down to the bank and ask them, but sometimes bankers give you less-than-accurate information and I've received good replies on this forum in the past so I wanted to come here first.
I want to create the bank account such that only I can access/spend/withdraw/wire the funds. I do not want my company's co-owner to be able to access them. It's not that I don't trust him, but for all intents and purposes this is "my" business so I just want to protect it as much as possible. So my question is this: is it possible to create a company bank account such that only I can spend/withdraw the money, or will any of the company's owners be able to get into it anyway?
I realize we could probably draw up a contract where he agrees not to touch the money, but at the same time it would obviously be much better to just lock him out of it from the start in order to avoid any potential issues. Is this possible?
I am asking this question here as my accountant is currently on vacation and is taking awhile to get back to me. I realize I could just go down to the bank and ask them, but sometimes bankers give you less-than-accurate information and I've received good replies on this forum in the past so I wanted to come here first.
I want to create the bank account such that only I can access/spend/withdraw/wire the funds. I do not want my company's co-owner to be able to access them. It's not that I don't trust him, but for all intents and purposes this is "my" business so I just want to protect it as much as possible. So my question is this: is it possible to create a company bank account such that only I can spend/withdraw the money, or will any of the company's owners be able to get into it anyway?
I realize we could probably draw up a contract where he agrees not to touch the money, but at the same time it would obviously be much better to just lock him out of it from the start in order to avoid any potential issues. Is this possible?