Thursday, October 22, 2020
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Opening Business Accounts, Webinar

October 15, 2019 @ 10:00 am - 12:00 pm CDT

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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