Opening Business Accounts, Webinar

Click Here for More Information

Covered Topics

• Understanding Risk From the FI Perspective
• Business Account Documentation – Internal, County, and SOS Documents Available
• Business Modification Requirements – When Ownership Changes
• Signature Card Contracts and Resolutions – Purpose and Proper Completion
• How Our Bank Lost $100,000 By Not Executing the Corporate Resolution Properly
• Understanding Risk From the Client’s Perspective
• Business Taxation Options and Why We Care
• Why are there so many types of business entities available?
• Which business types are required to obtain an EIN and which may use a SSN?
• Are all signers on business accounts subject to OFAC, ChexSystems, and CIP requirements?
• Sole Proprietorships
• General (GP), Limited (LTD), and Limited Liability Partnerships (LLP)
• Limited Liability Limited Partnerships (LLLP)
• Limited Liability Company and Series LLC (LLC/SLLC)
• LLC – W9 Requirements – Determining Business and Tax Classification
• Profit and Non-Profit Corporations / Professional Corporations
• Professional Associations (PA)
• Nonprofit Associations and Charitable Organizations
• Escrow / Agency / Intermediary
• Interest On Lawyer Accounts (IOLTA)
• Public or Governmental Units
• Removing an Owner or Non-Owner as a Signer
• Access at the Death of a Business Account Signer/Owner
• FinCEN – New Customer Due Diligence Effective 2018