Opening Complex New Accounts Part I: Business Accounts

This is for Part 1 only. For series pricing, CLICK HERE.

For most new account representatives and personal bankers, opening business accounts creates the most angst! Verifying if a business entity is legal and who has the authority to transact on behalf of the entity can be complicated. In this comprehensive webinar, participants gain confidence and a clear understanding of the regulatory, compliance, and documentation requirements for opening business accounts. Although not customized to state law, this session will provide a comprehensive understanding of what is required by your state.

Our presenter, Suzette "Suzie" Jones, CFP®, is known nationally as being extremely knowledgeable with a unique ability to take technical information and make it interesting and applicable. The detailed and thorough PDF of Suzie's PowerPoint presentation is included in the registration and serves as an invaluable resource and guide for writing policies and procedures.

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.

Covered Topics

  • Business Account Documentation
  • Resolutions – Purpose and Proper Completion
  • Learn the Harsh Reality of How A Bank Lost $100,000 By Not Executing a Resolution Properly
  • Business Taxation Options and Why We Have To Understand Them When Opening An LLC
  • Sole Proprietorships; Married Couple Sole Proprietors
  • General, Limited, Limited Liability, and Limited Liability Limited Partnerships
  • Why Are There So Many Different Types of Partnerships Available and What is the Difference?
  • Limited Liability Company and Series LLC
  • Limited Liability Company – Why Has It Become The Most Popular Business Structure?
  • Determining LLC Tax Classification
  • Profit and Non-Profit Corporations
  • 501(c)(3) Non-Profit Corporations
  • Understanding Sub-Chapter S Corporations (S-Corps)
  • Non-Profit Associations, Social Clubs, and Charitable Organizations
  • Adding and Removing an Owner or Non-Owner as a Signer
  • Access to an Account at the Death of a Business Account Signer/Owner
  • FinCen - Beneficial Ownership Due Diligence Requirements
  • Documenting and FinCen Certifying Complicated Business Structures
  • TIN Compliance "Cheat Sheet" Included In Session

Who Should Attend?

Customer contact personnel, supervisors, and officers whose responsibilities include opening or managing new accounts. Personal Bankers, BSA Officers, Deposit Operations, Branch Administration, CIP Managers, Training and Business Development Officers, Internal Auditors, and Compliance Officers will find the information beneficial. Lending assistants and officers will find the information informative as at least 85% of this information also impacts the lending area.