My son has an LLC company. His name is the only one on the account. If something happens to him, like sickness, death, and he is not able to write checks, carry on the business, etc. should there be an added signor on the account so the account would not be frozen? He is married but I think if husband and wife are on the account it will still be frozen.
Right now, I am doing his leases, managing the maintenance, in other words basically managing the properties. I believe he could add me as an added signor and it would not be frozen? Or he could add anyone that he trusted to be an added signor.
what is your opinion on this? What is the best option for him?
Generally, the managing member, even in an LLC with only one member, has the authority to enable any person to access the company’s bank account. This is arranged directly with the bank -which will require paperwork regarding the LLC and the authorization.
This can also vary from bank to bank and can depend on their policies.