Answer:
No. The partnership is undoubtedly recognized as an entity under state law. As such, it has an identity separate from those of its partners, even if all partners own the partnership.
First published on BankersOnline.com 11/05/12
Information Required for Business Deposit Partners
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Question:
If a business is comprised of 3-4 partners and the runner brings in a deposit in excess of $10,000, I understand the runner has to be identified for carrying out the transaction on behalf of the business. I have been told we also need the identifying information on the 3-4 partners as well since they have access to the money and therefore the transaction is done on their behalf as well. Is this true?
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