Opening business accounts can create angst! Sole Proprietorship owned by a married couple, DBAs, LLCs, LLPs, LLLPs, General Partnerships, Limited Partnerships, Corporations, 1031 Exchange Accounts, and Political Organizations! Why are there so many different types of business entities?
What is the securest way to determine who can transact on a business account - especially when owed by another entity? Verifying if a business is legitimate and who has the authority to transact business on behalf of an entity can be challenging.
When can a business use the owner's SSN vs. an EIN? When is a partnership agreement, bylaws, or operating agreement needed? Beneficial Ownership requirements are discussed as well as documenting complicated business structures.
In this session, Part II of a three-part series, participants will gain confidence and a clear understanding of the regulatory, compliance, documentation, and proper TIN requirements for opening a business account.
This session is not state law specific.
What You'll Learn:- What is the securest way to determine who has authority to open and transact on a business account?
- How to best verify if a business entity is legitimate.
- When can a business owner use an SSN vs. an EIN?
- When does a bank need a partnership agreement, bylaws, or operating agreement?
- How does Beneficial Ownership fit into the picture?
- Gain a clear understanding of how to protect your financial institution and community with proper regulatory compliance and documentation.
770-410-1219
