Opening New Accounts Part II: Business Accounts
Opening business accounts can create angst! Sole Proprietorships owned by a married couple, LLCs, LLPs, General Partnerships, Limited Partnerships, Corporations, Escrow Accounts, and Political Organizations! Why are there so many different types of business entities? What is the securest way to determine who has the authority to transact on behalf of a business entity – especially when owned by another entity? Verifying if a business entity is legitimate and who has the authority to transact business on behalf of that entity can be challenging. When can a business use the owner's SSN vs. an EIN? When does a bank need a partnership agreement, bylaws, or operating agreement? FinCen requirements will be addressed. In this two hour comprehensive webinar, participants gain confidence and a clear understanding of the regulatory, compliance, documentation, and proper TIN requirements for opening business account. This session is not state law specific. It is highly recommended that attendees have a copy of the financial institution's account agreement, signature card, and resolutions to reference during the session. To customize the course to state law, the FI may want to access the Secretary of State’s website to review documentation requirements on forming business structures in your state. The "Opening New Accounts Part II: Business Accounts" webinar has been approved for 2 CAMS credits. Credits are redeemable for Live attendance only. Users must connect to the webinar individually and enter their name and email for reporting purposes. Accreditation is valid for one year from the date of the event. To receive a certificate, email [email protected].
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