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#146496 - 01/07/04 07:49 PM Beneficiaries & Business MMDA

We recently had a customer open a Business MMDA and wanted to add a beneficiary to this account. I was under the impression that if it is a sole proprietor you can add a beneficiary otherwise corporations, LLC etc. can not. Any help on this would be appreciated.

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#146497 - 01/07/04 08:31 PM Re: Beneficiaries & Business MMDA
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Your instincts are good. For all practical purposes, a sole proprietor's account is an individual account and some banks allow the naming of a beneficiary. However, a corporation, LLC or partnership is not going to "die." The concept of survivorship does not exist on those types of accounts.
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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