Chicago, IL asked in Business Law for Illinois

Q: Who am I to this company?

If I own a Holding Company (a single member llc), and this holding company owns a subsidiary (a single member llc). Who am I to the subsidiary? (in terms of opening accounts for the subsidiary and doing things on behalf of the subsidiary).

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1 Lawyer Answer
T. J. Jesky
T. J. Jesky
  • Chicago, IL
  • Licensed in Illinois

A: To open a bank account for just the subsidiary, you are:

The Managing Member of the Subsidiary.

Most likely, the Bank will ask you for a copy of the LLC Articles, the Operating Agreement and its EIN number.

The Subsidiary [Name] is a wholly owned subsidiary of the parent [Name, the Holding Company].

For example, you are the Managing Member of XYZ, LLC, an Illinois limited liability company, which is a wholly owned subsidiary of ZZZ, LLC, an Illinois limited liability company.

But, if you are just opening a bank account for the subsidiary, and since you are the sole Member, the title of

Managing Member should suffice.

Finally, tell the banker what you want to do. They can probably help you as well.

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