LLC & Bank Accounts

Some SDC teams have formed LLCs for the purpose of creating their own bank accounts.

• At the time of writing (and including 2022 through 2024 at least) all of our funds are held by the university of waterloo.

• Having our bank accounts with the university means we are subject to the universities mistakes (them accidentally billing us for stuff other parts of the university bought) every now and then as well as the general sluggishness of dealing with the bureaucracy of university.

  • This is sometimes a bit annoying and people may complain internally, but the alternatives are so much worse. We should be very thankful for the support we receive from the university here because it helps us immensely.

• Creating an LLC is a nightmare because it takes lots of effort and makes all finances more complicated.

  • All SDC teams that have done it have regretted it. It may now be legally banned by the SDC. Regardless please avoid doing this without significant consideration and deliberation. Consider reaching out to teams who have done this (i.e. Waterloop) for more information as well if you’re curious.

  • There is no way for WARG to have it’s own privately held bank account without an LLC.

WARG should not hold funds in an individuals name because this is too much risk for reasons specified in Individual Reliance.