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
___Tax ID Number (TIN) if applicable
___Signer’s Identification
___Social Security Number for Signer
___Certificate of Assumed Name (DBA)
Partnership
___Tax ID Number (TIN)
___Signer’s Identification
___Social Security Numbers for Signers
___Certificate of Assumed Name (DBA) if applicable
___Copy of Partnership Agreement
C Corporation
___Tax ID Number (TIN)
___Signer’s Identification
___Social Security Numbers for Signers
___Articles of Organization
___Copy of Bylaws
___Banking Resolution
Limited Liability Company (LLC)
___Tax ID Number (TIN) if applicable
___Signer’s Identification
___Social Security Numbers for Signers
___Copy of Operating Agreement or Articles of Organization
___Certificate of Assumed Name(DBA) if applicable
___Banking Resolution
Nonprofit Corporation
___Tax ID Number (TIN)
___Signer’s Identification
___Social Security Numbers for Signers
___Articles of Organization
___Copy of Bylaws, Charter, Signed Minutes showing current officers, or Banking Resolution
S Corporation
___Tax ID Number (TIN)
___Signer’s Identification
___Social Security Number for Signers
___Articles of Organization
___Copy of Bylaws
___Banking Resolution
* We may ask for additional information to be provided for verification. We are happy to look for any documents filed on the Department of Licensing and Regulatory Affairs (LARA) site.
