Vendor Guru Q&A - Compliance

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Latest Compliance - Limited Liability Company (LLC) Topics

LLC w/ POD On Account: State Specific

12/30/2018

In the state of Kentucky, can an LLC have a POD on their account?

Single Member LLC: More Than One Signer?

09/30/2018

Can a single member LLC have more than just one signer on the account?

LLC w/Series But Not Separate EIN

07/22/2018

Can an LLC with a Series that does not have a separate EIN be linked to the account as an assumed name (DBA)? We have an LLC customer that does have a Series without an EIN. The customer wants the Series attached to the checking account as an assumed name. I was told years ago that an LLC that has a Series would either have the Series with its own EIN and linked to the account as primary without the LLC name, or the Series would be added as a subtitle on the account and not linked as a DBA.

Beneficiary for LLC account

07/22/2018

Can an LLC have a Pay on Death beneficiary?ken

EIN for LLC If Single Member is a Trust?

06/17/2018

If a customer wants to open an account as a single member (or sole member) of an LLC, but the single member listed on the Formation of LLC paperwork is the customer's single person revocable trust, can the customer still use their SSN to open the LLC account or should they get an EIN for the LLC since the single member is a trust?

Can LLC Use 2 Names for Same Loan#?

01/28/2018

1.Does a customer have to have a TAX ID# if it is listed under sunbiz (the Florida Secretary of State's website for businesses) as an LLC? 2. Can an LLC use two name for the same loan number, such as its LLC name and a DBA?

Push-Back from Customers for LLC Requirements

10/22/2017

There is some ambiguity regarding LLCs at our institution. We require LLCs to have a TIN, and will allow a SSN for sole member LLCs. We also ask that LLCs register with the VT SOS and provide us with an operating agreement. The pushback we get from customers and sometimes their attorneys is problematic. Are we out of line in our requirements?

Sole Member LLC Passed Away-Now Estate?

09/08/2014

I have a sole member of an LLC that passed away. Is this now a Estate account?

Payment Option- Payroll with a GIRO

10/20/2019

We have a customer living in Japan requesting to receive payroll with a GIRO. We are not familiar with this payment option and wondered how it works. What are the risks associated with this kind of transfer?

Guidelines/Regs on Reducing Open Hours of Bank

10/20/2019

Are there any regulations or guidelines for reducing the hours a branch can stay open?

Is a citizen of Puerto Rico a US Citizen for taxes?

10/20/2019

Is a citizen of Puerto Rico a US Citizen or a nonresident alien for tax purposes?

Do You Know the Main Benefit of the New Capital Rules?

10/20/2019

What is the primary benefit of the Community Bank Leverage Ratio (CBLR) Framework?

Case by Case Hold on the First $5,000?

10/20/2019

When placing a large deposit hold on an amount that exceeds $5,000, are we required to place a case by case hold on the first $5,000?

Latest Compliance - Limited Liability Company (LLC) Topics

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