Bank Account for Self-Funded Search Entity?

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September 02, 2024

by a searcher from Columbia University - Columbia Business School in New York, NY, USA

Hi all, I'm looking to open a business checking account for my self-funded search LLC to help track expenses and eventually perform the acquisition, but I've run into issues with both Amex and Chase. They both seem uncomfortable with opening accounts for a holding company. Since the search doesn't really have any ongoing operations or revenues in the search phase, I'm wondering how people have managed this issue? Any recommendations for which banks you have had good experiences with? Thanks in advance.

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Reply by a searcher
from Harvard University in New York, NY, USA
I've had a lot of success with Mercury, it's quick and easy. You can open an account with minimum headaches.
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Reply by a searcher
in New York, NY, USA
I used Mercury for dedicated self-funded search bank needs and it was perfect. Free, easy, no frills. It made the process of documenting expenses during the closing process infinitely easy, so I do recommend you segregate out your expenses. Additionally, segregating the expenses can be useful from a liability management perspective given your legal risks as a searcher signing NDAs and reviewing confidential information.
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