What is Needed to Open a Business Account

Under FinCEN’s (Financial Crimes Enforcement Network) Customer Due Diligence Requirements for Financial Institutions, UnitedOne Credit Union is required to identify, collect, and verify beneficial owners of legal entities. A beneficial owner is anyone who directly or indirectly owns 25% or more of the legal entity. In addition, information is required to be collected for at least one individual who has managerial control of the legal entity. To meet these requirements, UnitedOne Credit Union requires an unexpired photo ID and Social Security card to be presented at account opening, or photocopies of these documents if the beneficial owner will not be a signer on the account. Please have these documents with you when opening your account with us.

Open Business Account 

For a Limited Liability Company (LLC), the following items are needed to open a business account:

• Articles of organization (required)
• Operating agreement (when multiple members; required if applicable)
• TIN verification for IRS (required when TIN used on account)

For Unincorporated Non-Profit Associations, please provide one of the following in addition to any required document to open a business account:

• Meeting minutes authorizing the opening of the account, stating who is authorized to open (preferred)
• Constitution
• Charter
• Statement of authority
• TIN verification from IRS (required)

For a Sole Proprietorship, please provide one of the following to open a business account:

• Business license
• Registration with Manitowoc or Sheboygan County Register of Deeds
• WI sales tax validation
• Federal tax returns

For a Partnership, please provide one of the following in addition to any required documents to open a business account:

• Business license
• Registration with Manitowoc or Sheboygan County Register of Deeds
• Tax returns
• Partnership agreement (if applicable)
• TIN verification from IRS (required when TIN used on account)

For a Corporation (Private, Non-profit, S-Corp, C-Corp, Professional, or Cooperative), please provide the following to open a business account:

• Articles of Incorporation (required)
• Copy of corporate minutes, identifying officers, filed annually
• Corporate resolution (only if not all named officers are signers, if signers include persons not named as officers, or if corporate minutes reflect multiple signers)
• TIN verification from IRS (required; can be IRS form from original filing or tax returns)

Business questions? We're happy to help!

Call or text us at (920) 684-0361 in Manitowoc or (920) 451-8222 in Sheboygan or email us at businessloans@UnitedOne.org.

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