Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#2274415 - 08/18/22 06:58 PM Beneficial Ownership(Operating Agreement vs.Taxes)
Ebony Offline
New Poster
Joined: Jul 2022
Posts: 2
Questions:

We have come across a few situations where loan officers have listed individuals name from the operating agreement on the beneficial ownership form (which is fine), however when reviewing the tax documents the owners are different than what is listed on the operating agreement. My question is what document supersedes the other? Does it depend on the most current date listed on the documents? If taxes supersede the operation agreement, does a current operational document need to be provided? Any feed back is appreciated.

Return to Top
#2274418 - 08/18/22 07:45 PM Re: Beneficial Ownership(Operating Agreement vs.Taxes) Ebony
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
What tax documents?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2274482 - 08/19/22 07:15 PM Re: Beneficial Ownership(Operating Agreement vs.Taxes) rlcarey
Ebony Offline
New Poster
Joined: Jul 2022
Posts: 2
The company tax returns.

Return to Top
#2274483 - 08/19/22 07:27 PM Re: Beneficial Ownership(Operating Agreement vs.Taxes) Ebony
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
So, let me get this straight. You have your BO information from the customer that indicates a different ownership structure than what their tax returns indicate? I would think that is something that needs some immediate attention.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2277765 - 11/09/22 04:25 PM Re: Beneficial Ownership(Operating Agreement vs.Taxes) Ebony
RVFlyboy Offline
Power Poster
RVFlyboy
Joined: Oct 2000
Posts: 5,991
Soaring over Georgia
The ultimate responsibility for completing and signing certifying to the accuracy of the BO form falls on the entity representative authorized to sign on behalf of the company. If that person signs certifying the accuracy of the ownership and that ownership does not match the entity tax returns, that is a discrepancy that absolutely must be addressed. Either the BO form is not correct or the tax returns are not correct. Either is a situation that needs resolution.
_________________________
Jim Bedsole, CRCM, CBA, CFSA, CAFP
My posts - my opinions

Return to Top