Fastlane Speed Bumps Discussion

[GameOver]

So I've hit the ground running recently... did some research, decided what type of business in general I wanted to do, started talking to some potential customers and got some ideas, worked with my home state and started an LLC by myself, researched organizational papers and figured out what I'd have to do if I ever took on other partners, got a Tax ID, setup a website, found someone to do some custom logo design for me and forged a future relationship with them, all this stuff is happening... and yet I cannot seem to open a freaking business bank account.

It is so frustrating. Against my better judgement I started dealing with a large corporate bank because they had a really good deal going for technical small businesses... but now we are just sending documents back and forth, sometimes it takes days to respond... it is frustrating. I'm on the verge of just abandoning that and going with a small local bank now.

It's funny how something so basic can cause you to pump the brakes... I am viewing it as a learning process on who I want to deal with when I get my business going.

I thought this might lend itself to an interesting discussion... what are some of the Fastlane speed bumps you have encountered? Were they unexpected? How did you deal with them?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[jon.a]

You're doing all of this shit and you only have "a general idea" of what type of business you will be building?

 

[GameOver]

You're doing all of this shit and you only have "a general idea" of what type of business you will be building?

Maybe I didn't phrase that the way I should have. I was trying to say I did research and figured-out the general area I wanted to be in, and then I went and talked to potential customers about problems they needed solved and as a result came up with specifics. There is no question about what this business is.

 

[jon.a]

Maybe I didn't phrase that the way I should have. I was trying to say I did research and figured-out the general area I wanted to be in, and then I went and talked to potential customers about problems they needed solved and as a result came up with specifics. There is no question about what this business is.

Okay to be fair, a couple of years ago Mrs jon and I formed a holding company. Today we're hold things other than the original plan.

To open the bank account, we went to the bank. We went to one where we all ready had a relationship with our LLC and EIN paperwork. In and out in under an hour.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[GameOver]

Okay to be fair, a couple of years ago Mrs jon and I formed a holding company. Today we're hold things other than the original plan.

To open the bank account, we went to the bank. We went to one where we all ready had a relationship with our LLC and EIN paperwork. In and out in under an hour.

I really wanted to do that... my personal accounts are with a really great local credit union that doesn't do any business banking though. I've recently learned that there is a different credit union in my area that has ties to mine that offers business accounts. I am thinking I will give that a go on Monday.

Interesting comment about the holding company LLC. I know someone who created a business that sort of has tentacles into a lot of different areas and has been growing into them... they made the original LLC very generic something like "x Enterprises LLC" and is funneling a lot of different things into it as individual DBAs... it's all related to the core thing they're involved in so I can see their logic I guess. I've actually wondered if I should have started with a more generic LLC name like this because what I am trying to do is something tech related that could spread into adjacents like that. Maybe it doesn't really matter.