Disbanding club
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Disbanding club I am in the process of disbanding our club. I requested checks from Schwab on multiple occasions to pay the annual membership fee and also to pay the members. The checks were distributed in the name of the club. I will have to open a new bank account for the club in order to pay the members. In New York, I will have to register the club with the state and get approval from the city to do so. I started the process. Just reaching out for any suggestion or advice My club ran into the same problem when disbanding last year. When I went to Bank of America to try to open a checking account, all partners were required to be present at the same time to sign the forms. It took several months before I could get all members together at the same time with the bank's business manager. Good Luck!!! Virginia I am in the process of disbanding our club. I requested I went to several banks to open account for the club. In New York, I have to go through the process of registering the club in New York State prior to doing so On Wednesday, February 12, 2025, 2:43 AM, Vickie Rabourn via bivio.com <user*26711600001@bivio.com> wrote: Were you able to find a bank that would allow you to open a I had good luck with Relay (https://relayfi.com/) – no minium no fees
From: club_cafe@bivio.com <club_cafe@bivio.com>
On Behalf Of prichrn@aol.com via bivio.com I went to several banks to open account for the club. In New York, I have to go through the process of registering the club in New York State prior to doing so On Wednesday, February 12, 2025, 2:43 AM, Vickie Rabourn via bivio.com <user*26711600001@bivio.com> wrote:
Truist Bank has a small business account that requires only $100 in the account to maintain a no fee basis. Strictly speaking, a club should already be registered in the state in which it operates and pays taxes or at least files an information return. We went through the same thing. In Maryland, the business registration and personal property taxation process is operated by one agency and the income tax process is operated by another, and the two do not speak to each other. A partnership can file income tax returns in Maryland for years, but if it is not registered with the State Department of Assessments and Taxation (SDAT), the partnership can lose it name (other organizations can register with the name, and if your partnership is not registered the name can be given to another organization) and cannot open a bank account without a certificate of a going business from the SDAT. One way to avoid that is to open a personal account, but that can be fraught with problems and is subject to fraudulent activities. I would not do it but I think there are clubs where it has fortunately worked out. Getting money out of Schwab if your club did not have that privilege with TDA is difficult. Schwab will not write checks to third parties and not even to members if they are not authorized traders. That makes it very difficult to pay off withdrawing partners. Bite the bullet and register in the state in which the club operates. Peter Dunkelberger
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