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We have an LLC account that is owned by a trust. The account has two signers, who are trustees of the trust. Do we need to list the signers as trustees or is it sufficient to list them as authorized signers? – IBA Compliance Connection

IBA Compliance Connection

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We have an LLC account that is owned by a trust. The account has two signers, who are trustees of the trust. Do we need to list the signers as trustees or is it sufficient to list them as authorized signers?

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We believe it is sufficient to list the two trustees as authorized signers for the LLC’s account, since that accurately defines their roles with regard to the account (provided that you have obtained a resolution from the LLC authorizing those individuals to act as signatories for the LLC). The fact that the two individuals also serve as trustees for the trust that owns the LLC is irrelevant for the purposes of the LLC account.