One of our customers has approached us and asked that we convert his partnership account to a sole proprietorship account. Can he operate the same account as sole proprietorship or does he need to open a new bank account?
I have asked a new customer to provide the business partnership agreement as part of my new account required documentation in order to open a business account. However, the customer is adamant that under partnership law, the general partner has the authority to direct its affairs. We can confirm both entities were organized in Texas on the Secretary of State's website. The customer says that should be sufficient for our requirement. Where can I confirm that it is not required to obtain?
In a training last week it was brought to my attention on the new CTR form that it is requiring the ID collection of an entity. In the past this has never been the case and in the FFIEC manual it specifically refers to individuals. FinCEN has said that there is nothing new to the forms except the collection of the new fields. Not in any webinar or documents that we received from FinCEN said anything about identifying document collection of an entity for a CTR. The only thing I have seen regarding this is actually on the form from the help box in the ID field itself. Is this something we have to collect going forward?
Do business signers need to be listed on a CTR as benefiting from a transaction?
If a business is comprised of 3-4 partners and the runner brings in a deposit in excess of $10,000, I understand the runner has to be identified for carrying out the transaction on behalf of the business. I have been told we also need the identifying information on the 3-4 partners as well since they have access to the money and therefore the transaction is done on their behalf as well. Is this true?
Can there be two trusts with two separate EINs as owners on one account?
Would a 3 day Right of Rescission apply on a second lien Owelty Deed for a Divorce situation?
Can a husband and wife both be owners of a business account as a sole proprietor?
For a business checking with husband and wife using a Federal ID tax number, can they use business interest checking?
California: Husband is operating a business under his sole proprietorship. Fictitious name is filed under his sole name. Wife assists husband with the business. She has no other source of income. Can the bank require husband and wife to be co-borrowers on a commercial loan? Loan is secured by the business only.