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Beneficial Ownership on DBAs

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Question: 
If an LLC is doing business under a trade name such as "ABC LLC dba John's Farm Supplies," what is needed for beneficial ownership? I know the ABC LLC is required to have beneficial ownership and control prong information, but what about the dba John's Farm Supplies, does it need anything separate?
Answer: 

John's Farm is just an assumed name and not a legal entity. Beneficial Ownership applies to the LLC.

From a safety and soundness perspective, you should verify that ABC LLC has filed appropriate assumed name certificates as applicable to your jurisdiction to ensure it is legally allowed to operate using an assumed name lest you accept checks for deposit to the account that belong to a different entity resulting in a potential loss to your institution.

First published on 08/28/2022

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