LLC & Bank Accounts

Some SDC teams have formed LLCs for the purpose of creating their own bank accounts. There is no way for WARG to have it’s own privately held bank account without an LLC. Currently all of our funds are held by the university of waterloo. This is all a game of tradeoffs. Having our bank accounts with the university means we are subject to the universities mistakes (them accidentally billing us for shit other parts of the university bought) every now and then as well as the general sluggishness of dealing with the bureaucracy of university. 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.

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