Who Am I?
This entity has one individual owner and pays taxes for the business on their personal tax returns.
Sole-Proprietorship
True or False: An operating agreement is a written agreement entered between the LLC members on how the business will operate.
True
What is needed from all business entities for modifications done on the account?
(Hint- There are approximately 5)
Completed business application
Photo ID
Proof of physical residential address
TIN/EIN Verification
CU Partner Agreement
True or False: The Business Classic Checking account has a $15 monthly service fee.
True
What advice can we give to members who are looking to start a business?
None, we would refer the member to the Small Business Administration office.
This entity operates for purposes rather than profits.
Nonprofit Corporation
A document that shows the business has been filed with the Secretary of State to register the business name.
Registration of Trade Name Certificate
What modification documents are needed for a Sole-Proprietorship?
Updated Registration of Trade Name Certificate.
The 3rd party service vendor that offers card processing, mobile payments, and contactless processing solutions.
Total Merchant Concepts (TMC)
What business can add a POD beneficiary to their account?
Sole Proprietorships
This entity offers protection to its members. The members personal assets are protected from business liabilities.
Limited Liability Company - LLC
A contract between two or more business partners that is used to establish the responsibilities and rules about the general partnership.
Partnership Agreement
What modification documents are usually needed for an LLC?
Amendment to the Articles of Organization, Operating Agreement, Updated Registration of Trade Name Certificate.
True or False: A new business accounts mobile deposit limit starts at $5,000 per deposit.
False, it starts at $3,000 per deposit.
Can business accounts with multiple owners have a POA on the account?
No, ACCU will not accept POAs for business accounts with multiple owners.
This entity is a business arrangement where two or more individuals agree to share responsibilities, assets, profits, and financial liabilities of a jointly-owned business.
General Partnership
The rules that govern the corporations operations and create an organizational structure for the company.
Corporate Bylaws
What modification documents are typically needed for a Corporation?
Updated Articles of Incorporation, Corporate Resolution/Board Meeting Minutes, updated Registration of Trade Name Certificate.
Does AZCCU offer construction loan financing?
No, these types of business loans are prohibited.
What is an alternate document AZCCU can accept for a corporation if they cannot locate their by-laws?
A corporate resolution signed by all officers stating who the authorized individuals are that can complete banking transactions.
This business entity requires a president and secretary. It can enter contracts, loan and borrow money, sue and be sued, own assets and hire employees.
Corporations
This document is made if the general partners want to bring on silent partners who do not participate in the everyday running of the business.
Certificate of Limited Partnership
What updated documents are typically needed for a Partnership?
Updated Partnership Agreement/Amendment, Registration of Trade Name Certificate, Certificate of Limited Partnership, and Statement of Qualification.
This type of loan is ideal for building a warehouse to store inventory.
Commercial Real Estate Loan
If an out of state business does not have a certificate of good standing what is the next step that should be taken?
Reach out to Vanessa Ayala or Denise Stabe to review.