Do corporate members have equal access to bank accounts?

[Corp]

Florida -- There are two members (50/50) of a corporate entity. The company bank account was established by member #1. Does member #2 have access to the bank account, given they provide all legal documentation related to the corporation and their membership?

 

[quincy]

Florida -- There are two members (50/50) of a corporate entity. The company bank account was established by member #1. Does member #2 have access to the bank account, given they provide all legal documentation related to the corporation and their membership?

It depends on their agreement.

 

[zddoodah]

There are two members (50/50) of a corporate entity.

You mean shareholders? The owners of an LLC are called members. The owners of a corporation are called shareholders (or stockholders).

Does member #2 have access to the bank account

As phrased, this question asks about a matter of fact, and we obviously have no way of knowing the answer. I suspect what you intended to ask was whether some law gives all corporate shareholders a right to have access to the corporation's bank accounts. The answer to that question is no. If your intent was to ask whether governing documents of this particular corporation give that right to both shareholders, that's obviously something no one here can answer.

given they provide all legal documentation related to the corporation and their membership?

Not sure what this means, but if "member #1" is the only authorized person on the account, the bank isn't going to give "member #2" access.

 

[quincy]

Here is a link to the different types of business entities/structures:

https://dos.myflorida.com/sunbiz/start-business/corporate-structure/

Who are you in this? Member 1 or Member 2?

 

[adjusterjack]

Florida -- There are two members (50/50) of a corporate entity. The company bank account was established by member #1. Does member #2 have access to the bank account, given they provide all legal documentation related to the corporation and their membership?

Ask someone at the bank if you have access. They'd know.

And if you don't, why wasn't the corporate finances addressed when you first went into business with this other person?

 

[PayrollHRGuy]

Without a court order, the bank is only going to allow those named on the account into the account. This may be one or more of the members or some random employee.