Required Documentation for Business Accounts
When opening a business account, financial institutions are required to obtain information to verify the business and the individuals associated with the business. This list will help you easily determine the documents you will need, based on your business type*. For questions, please contact our Commercial Relationship Manager at 231.946.7090 or danielg@tbacu.com.
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury. For more information, review the reporting requirement for the small entity compliance guide.
Sole Proprietor
___Registered Assumed Name/Doing Business As (DBA) certificate
___Proprietor’s valid, government-issued ID
___Tax Identification Number (TIN) for the entity proprietor
___Anticipated financial activity
S or C Corporation
___Authorized signer’s valid, government-issued ID and Social Security (SSN)
___Beneficial Owners and Officers’ valid, government-issued ID and Social Security Number
___Tax Identification Number for the entity
___Registration with MI Dept of Licensing and Regulatory Affairs
___Certified Articles of Incorporation
___Board-certified resolution with officer names and titles ___Registered Assumed Name/Doing Business As (DBA) certificate, if applicable ___Anticipated financial activity
Limited Liability Company (LLC) or Partnership
___Authorized signer’s valid, government-issued ID and Social Security (SSN)
___Beneficial Owner and Manager’s valid, government-issued ID and Social Security Number (SSN)
___Tax Identification Number of entity
___Registration with MI Dept of Licensing and Regulatory Affairs
___Certified Operating Agreement or Partnership Agreement
___Registered Assumed Name/Doing Business As (DBA) certificate, if applicable. ___Anticipated financial activity
Non-Government Organization (NGO)
___Authorized signer’s valid, government-issued ID and Social Security Number (SSN)
___Tax Identification Number for the entity
___Registration with MI Dept of Licensing and Regulatory Affairs
___Certified Bylaws
___Board-certified resolution with officer names and titles ___Registered Assumed Name/Doing Business As (DBA) certificate, if applicable ___Anticipated financial activity
* We may ask for additional information to be provided for verification based on your entity. We are happy to look for any documents filed on the Department of Licensing and Regulatory Affairs (LARA) site.
