Types of Entities
Documentation
Who
Yes or No
True or False
100

Simplest form of business organization 

What is a Sole Proprietor

100
An established Corporation will have this documentation
What is Articles of Incorporation
100
The person who needs to sign the Corporate Resolution regardless of roles on account
What is the Secretary
100
A customer can't answer all the questions on the Business Account Worksheet. Can you open the account?
What is No, answers to these questions provide critical information needed before proceeding
100

A DBA is the same as a sole proprietorship

What is False - a DBA can be under any business type entity

200
A group or club
What is an Association
200
The tax reported owner on an IOLTA
What is the RI Bar Foundation
200
"Owners" of an LLC
What is a Member
200
A non-signer comes in to make changes on an account
What is No, they are not authorized
200

You must have more than one member to form an LLC

What is False - you can form a single member or multiple member LLC

300
Two types of Corporations
What is S and C
300
The generic document required for all business accounts
What is the Business Account Worksheet
300
This individual within an organization can set up additional Online Banking users
What is the Super User/Administrator
300
A customer comes in to open a business account. They don't have any documentation and they aren't on the SOS website. They tell you they are an Association
What is No, not without additional information on levels of authority i.e. Meeting Minutes
300

When a potential business member comes into a branch we must open the account immediately. 

What is False - we need to tell the member we will need to review their documentation and contact them when we are ready to open the account. 

400
Limits legal obligation
What is an LLC
400
The document that outlines authority levels
What is the Resolution
400
Individual whose primary responsibility is to receive and maintain an entity's annual tax and business filings
What is the Agent
400
An existing business customer comes in to open a business savings, do you run them through Chex Systems?
What is Yes, every customer, every time
400

Organization accounts do not require any documentation to establish signers on the account. 

What is False- KCU will need a document or letter that establishes the group and the Authorized Signers

500
Two types of Partnerships
What is Limited and General
500
The contract between the customer and the Bank
What is the Signature Card
500
Can make changes to signers on a business account
What is a Signer
500
A customer comes in to open a new business account, but not all of the signers are present. Do you open the account?
What is yes, but only add the signers who are present!
500
Sole Proprietors must have an EIN, even if they don't pay any employees
What is False
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