Opening Business Accounts

Opening business accounts starts with the big four: Sole Proprietorships, Partnerships, Limited Liability Companies and Corporations. During this program, you will learn how to set-up account cards, account authorizations and document authority for the four types of common business accounts. This program is designed to develop your expertise in business ownership and authority. We will examine what happens at start-up, dissolution, change in ownership and death on each type of account.

You will also receive a chart with links to business accounts in all 50 states!

Covered Topics

  • Qualifying a business as a member
  • Customer Identification Program rules for business accounts
  • Federal disclosures on business accounts
  • Sole Proprietorship Account Cards and Account authorizations
  • Three partnerships account cards and account authorizations
  • Limited Liability Companies—single member and multiple member account cards and account authorizations
  • Corporations account cards and account authorizations
  • Partnership agreements, operating agreements and minutes do’s and don’ts
  • Changing signers rules to follow
  • What happens when the business owner dies
  • What happens when the business is sold
  • What happens when the business changes types
  • Disregarding an entity for tax purposes
  • TIN issues

Who Should Attend?

This informative session will be useful for new account representatives, member service representatives, Branch administration, branch operations, branch managers, compliance, BSA and anyone who opens new accounts.