May 1, 2024
This two-hour webinar examines not only the documentation requirements on business entities available in most states but also provides clarity on how to identify who has the authority to open and transact on behalf of the entity.
Opening business accounts can create angst! Sole Proprietorships owned by a married couple, LLCs, LLPs, General Partnerships, Limited Partnerships, Corporations, escrow accounts, and political organizations - why are there so many different types of business entities? What is the securest way to determine who has the authority to transact on behalf of a business entity – especially when owned by another entity? Verifying if a business entity is legitimate and who has the authority to transact business on behalf of that entity can be challenging. When can a business use the owner's SSN vs. an EIN? When does a bank need a partnership agreement, bylaws, or operating agreement? FinCen requirements will be addressed. In this two-hour comprehensive webinar, participants gain confidence and a clear understanding of the regulatory, compliance, documentation, and proper TIN requirements for opening business accounts. This session is not state law-specific.
It is highly recommended that attendees have a copy of the financial institution's account agreement, signature card, and resolutions to reference during the session. To customize the course to state law, the financial institution may want to access the Secretary of State’s website to review documentation requirements on forming business structures in that state.
Wednesday May 1st, 2024
2:30pm - 4:30pm EST
What You'll Learn
Business Account Documentation
Resolutions – Purpose and Proper Completion
Business Taxation Options and Why We Have To Care
Sole Proprietorships
General, Limited, Limited Liability, and Limited Liability Limited Partnerships
Limited Liability Company and Series LLC
Determining LLC Business and Tax Classification
Profit and Non-Profit Corporations
Understanding Sub-Chapter S Corporations (S-Corps)
Non-Profit Associations, Social Clubs, and Charitable Organizations
Adding and Removing an Owner or Non-Owner as a Signer
Access at the Death of a Business Account Signer/Owner
FinCen - Beneficial Ownership Due Diligence Requirements
Documenting Complicated Business Structures
TIN Compliance "Cheat Sheet" Included In Session
Who Should Attend
Customer contact personnel, supervisors, and officers whose responsibilities include opening or managing new accounts, as well as Personal Bankers, BSA Officers, Deposit Operations, Branch Administration, CIP Managers, Training and Business Development Officers, Internal Auditors and Compliance Officers will find the information beneficial. Lending assistants and officers will find the information informative, and at least 85% of this information also impacts the lending area.
With almost two decades of banking experience ranging from opening new accounts and IRAs, lending, managing operational and lending teams, and serving in key executive management positions - Matt knows the benefit of strong frontline training and its role in managing operational, regulatory, and reputational risk. Effective 2024, Suzie Jones retired after five decades in the financial industry. Matt acquired Training Resources with the commitment to continuing the new account training programs and materials Suzie developed, recognized for its customization to state law and as one of the industry's most outstanding and comprehensive resources.
$299 or 1 Token
AyZha Hazelwood, Education Meeting Coordinator
Ahazelwood@indiana.bank
317-387-9380