Would a single member LLC owned by a trust company or the bank, be a more suitable entity to act as a nominee for a trust department than a partnership? The FDIC Examination Manual suggests that partnerships have historically been used but having individual officers be "partners" of the nominee entity doesn't seem to fit since they aren't really owners of the nominee entity but rather seems to be more like nominees for the bank or trust company.
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?
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?
What is the average sample size for Loan Origination Regulatory compliance call monitoring?
How can a "Statutory" trust be differentiated from a regular trust? What specifically should be present for a trust to be a statutory trust and is it just the fact that there is a filing with the Secretary of State?