Arkansas Webinar Series: Business Accounts
With so many types of business accounts, it can be challenging to determine who is authorized to open, close, and transact business when dealing with so many business entities. In addition to opening accounts in person for businesses, we now bank businesses online, with debit cards and through remote deposit.
Because of these multiple entities and various approaches to opening accounts, numerous questions arise: How do we set up these accounts and then change them as the businesses change? What happens when a partner dies? What happens when the sole proprietor dies? Can you keep the same EIN if a sole proprietorship incorporates? What if the LLC members are other businesses? How do they sign? And the list of questions goes on.
Understanding Arkansas-specific designations, rules and authority on all different types of business accounts can assure that you are taking the proper precautions and can assist you in avoiding errors that can be costly to your organization.
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