This is for Part II only. For series pricing, CLICK HERE.
It is no longer "okay" to open accounts for non-documented businesses. When you open a commercial account, you should verify the entity is a legal business and who is authorized to transact business on behalf of that entity. We'll investigate the types of business entities available in most states and who that "authority" person is to open the account and sign the resolutions.
We highly recommend you have a copy of your financial institution's account agreement and resolutions nearby to follow along during the session. To customize it to your state law, you may also want to go to your Secretary of State website to access information on forming business structures in your home state.
This is Part 2 of a three-part series. The first session is on Thursday, March 30, and the third on Thursday, April 28. You can attend all sessions or each one individually.
Understanding Signature Card Contracts and Proper Account Opening Procedures for each type of business:
- What businesses need to obtain an EIN
- Are business signers subject to OFAC and CIP requirements
- Obtaining documentation for business accounts including:
- Sole Proprietorships
- General, Limited and Limited Liability Partnerships
- Limited Liability Limited Partnerships (LLLP)
- Limited Liability Companies
- Nonprofit Associations and Charitable Organizations
- Detailed Explanation of Business Resolutions (have a copy of your financial institution's resolution available during the session)
Who Should Attend?
All customer contact personnel, supervisors and officers whose responsibilities include opening or managing new accounts and certificates of deposit. Excellent for supervisors or officers who have authority to "waive" documentation requirements. Internal Auditors and Compliance Officers will find the information exceptionally beneficial as well.
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