Vendor Guru Q&A - Compliance

Latest Compliance - Limited Liability Company (LLC) Topics

Can a Trust Own a LLC?

04/18/2021

Can a Trust own a LLC? We have a LLC acct with it's own EIN in which the owners want to add their trust to. Both owners are co-trustees of the trust. Can we add it to the business account, and if so how would we style the roles and title?

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?

Church/Credit Union: Non-government Organizations?

08/01/2021

We are going back and forth as to whether or not a credit union or a church are actually considered non-government organizations? Although we know that they are non-profit, I have read conflicting information and am trying to settle this internally.

Record Retention for Debit Card Dispute Docs

08/01/2021

How long do we need to keep debit card dispute docs? (What is the time of retention?)

Advertising-more than ECOA, TILA, TISA and Fair Housing

08/01/2021

Is following the standard Regs, B, Z, DD and fair housing going to ensure advertising compliance?

Handling Reg E claims on older transactions.

07/25/2021

If an EFT claim is made long after the statement is sent showing the transaction, the rules of investigation don't apply. So why do we investigate any of these claims?

Compliance Info on Paper Checks

07/25/2021

I was wondering if you could point me in the right direction as to where to find more information on compliance for paper checks? Whenever I place a stop payment on a paper check, there's a disclosure that says "this request will expire in 6 months in order to comply with regulatory requirements." For the customers who ask for a more in-depth answer, what can I tell them?

Latest Compliance - Limited Liability Company (LLC) Topics

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