New Business Account and Loan Document Checklist

New Account and Loan Document Checklist-Business (Customer Use)

 

When opening a business account or applying for a business loan, certain documentation and information is required. Along with the documents required for your business ownership, the following information will need to be provided:

  • For each signer (except signers for a publicly traded company or government entity):
  1. Two forms of personal identification with one being a government issued photo ID
  2. Social Security Number and physical address
  • Beneficial Owner information
    • A Beneficial Owner is defined as:
      • "...each individual, if any, who, directly or indirectly, owns 25% or more of the equity interests of a legal entity customer (i.e., the ownership prong); and
      • a single individual with significant responsibility to control, manage, or direct a legal entity customer, including an executive officer or senior manager (e.g., a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer); or any other individual who regularly performs similar functions (i.e., the control prong)."

 

Sole Proprietorship

SSN is used as TIN

Note: Accounts opened in AR, KS and MO for spouses will need to be setup as a General Partnership.

General Partnership

EIN required

Partnership Agreement if one exists

Limited Partnership

EIN required

Partnership Agreement, fully executed with section naming General Partners if not outlined within agreement

□ Certificate of Good Standing (from state’s Secretary of State website)

-Must be in good standing. Branch associate can assist with pulling this, if necessary.

Limited Liability Partnership

EIN required

Partnership Agreement OR Operating Agreement, fully executed

□ Certificate of Good Standing (from state’s Secretary of State website)

-Must be in good standing. Branch associate can assist with pulling this, if necessary.

Limited Liability Company

EIN or, if a Single Member LLC filing as a disregarded entity for tax purposes, SSN of single member

-If EIN is used, tax classification as S-Corp, C-Corp or Partnership

Operating Agreement if one exists

-If one does not exist, we will need to know whether the LLC is managed by Member or Manager, the names of all Members and their ownership interest, and the names of all Managers, if managed by Manager

□ Certificate of Good Standing (from state’s Secretary of State website)

-Must be in good standing. Branch associate can assist with pulling this, if necessary.

Corporation

EIN required

501 c3 preferred for Non-Profit Corporation

□ Certificate of Good Standing (from state’s Secretary of State website)

-Must be in good standing. Branch associate can assist with pulling this, if necessary.

Unincorporated Association

EIN required

501 c3 preferred for Non-Profit Corporation

Government or Public Entity

EIN required

Letter of Instruction and Authorization on letterhead

□ Certificate of Good Standing if registered with SOS (from state’s Secretary of State website)

-Must be in good standing. Branch associate can assist with pulling this, if necessary.

Note: Branch associate will ask additional questions to determine whether funds in this account need to be designated as public funds.

CAUTION: THERE MAY BE ADDITIONAL DOCUMENTATION REQUIRED BASED ON THE NATURE OF THE BUSINESS