Types of Entities
Simplest form of business organization
What is a Sole Proprietor
An established Corporation will have this documentation
What are Articles of Incorporation
Who needs to sign the Corporate Resolution regardless of roles on account
What are all the owners and the control person?
A DBA is the same as a sole proprietorship
What is False - a DBA can be under any business type entity
A group or club
What is an Association / Organization?
An LLC will have an IRS EIN letter, a resolution and ???
What are the Articles of Organization?
You must have more than one member to form an LLC
What is False - you can form a single member or multiple member LLC
Name the two types of Corporations
What is an SCorp and a CCorp
KCU requires this type of worksheet before a business account is opened
What is the Business Account Worksheet
The person responsible for managing and running the business under Beneficial Ownership rules
Who is the control person?
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.
Limits legal obligation
What is an LLC, a corporation or a LL Partnership?
Individual whose primary responsibility is to receive and maintain an entity's annual tax and business filings
What is the Agent
An existing business customer comes in to open a business savings, do you run them through Chex Systems?
What is Yes, every member, every time
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
The contract between the customer and the Bank
What is the Business Account Card?
Can make changes to signers on a business account
What is an owner and or the control person, depending on the entity?