LLC Operating Agreement Bank Account Template for England and Wales

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Key Requirements PROMPT example:

LLC Operating Agreement Bank Account

"Need an LLC Operating Agreement Bank Account for our new tech startup with five members, requiring specific provisions for international transactions and multiple signatories, with at least two signatures required for transactions over £50,000."

Document background

The LLC Operating Agreement Bank Account is essential for establishing clear protocols and authority structures for managing company financial accounts. It is particularly important when multiple members need access to company funds while maintaining proper controls and oversight. This agreement, governed by English and Welsh law, defines banking relationships, sets authorization levels, and establishes compliance procedures. It serves as a crucial document for maintaining financial governance and protecting the interests of all LLC members.

Suggested Sections

1. Parties: Identification of LLC members and their contact details

2. Background: Context of the agreement and purpose of the bank account arrangement

3. Definitions: Key terms used throughout the agreement

4. Bank Account Management: Core provisions regarding account establishment and management

5. Authorized Signatories: Designation of members authorized to operate the account

6. Voting Rights: Decision-making process for financial matters

7. Financial Controls: Internal procedures for account oversight

Optional Sections

1. Online Banking: Digital access provisions for electronic banking services

2. International Transactions: Provisions governing foreign currency and international transfer operations

3. Credit Facilities: Terms and conditions for overdraft and lending arrangements

4. Multiple Accounts: Provisions for management and oversight of multiple bank accounts

Suggested Schedules

1. Schedule 1: Authorized Signatories List: Detailed list of authorized persons and their signing powers

2. Schedule 2: Transaction Limits: Monetary limits for different types of transactions

3. Schedule 3: Bank Account Details: Specific account information and banking relationships

4. Appendix A: Specimen Signatures: Sample signatures of authorized signatories

5. Appendix B: Banking Forms: Required bank mandate forms and documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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Let's create your LLC Operating Agreement Bank Account

Authors

Alex Denne

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