Is a corporate seal required on a corporate resolution to be valid? Are there any required documents for sole proprietorship accounts?
In an article by Mary Beth Guard entitled <a href="http://www.bankersonline.com/articles/bhv10n08/bhv10n08a3.html">"Do's and Don't's for DBAs"</a>, she mentioned an Affiavit of Sole Proprietorship. I can not find an example of one. Could you please point me in the right direction?
(Editor's Note: Legislation has again been introduced to change the limits of FDIC Deposit Insurance which, if passed, will initiate many questions from our depositors.
We recently purchased matrices that stated a sole proprietorship could have a POD assignment. In the most recent New Accounts Seminar I attended, the instructor stated specifically that they can not have a POD. It has caused a bit of confusion with our other branches. Can you clarify or refer me to sites that I might get this clarified?
Can a sole proprietorship be owned by a trust? If so is it wise? We were concerned with business liabilities against a trust rather than a person. Example: John Doe trustee of the John Doe Trust DBA "Business Name"
What is the best procedure to follow when opening an account for a sole proprietor or someone using a fictitious name? My concern is verifying the authenticity of the name and the right of the individual to use this name.
Received an IRS Levy with an existing customer's name and an EIN. The accounts we have are Joe Blow Family Trust with a different EIN than the one on the levy. The other two accounts are styled, Joe Blow Special Account and Joe Blow both with the SSN of Joe Blow. We called the IRS and they tell us that because it has the right name on it, that is all that matters. This is 941 payroll tax for years of 98-99-00 so I don't think that would be correct. Looks like Joe Blow may have had a business at some point under the tax ID number on the levy, but we have nothing under it. Does the IRS have a legitimate claim to the funds in his personal accounts and the family trust account? I would say no, but then I could be very wrong.
We are trying to establish a 5 point customer verification process. What are other financial institutions using? I've been told that it is not recommended to simply use social security and driver's license numbers as they are too easy to obtain on the internet.
I have a customer who is in the process of changing all of her assets over to a Living Trust. She has a sole proprietorship checking account that she wants to switch over too. Can we put the Trust' name and then on the second line still put DBA: Jane Doe Motel. I could not find anythingthat says either way.