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Limited Liability Companies with entity owners

We have an LLC with five corporations as its members. How much paperwork should we obtain?

We follow the chain of authority on these businesses for many reasons. First and foremost is to establish authority and to prevent fraud. Second there are documentary and nondocument ary requirements that your institution must obtain at account opening, plus new CDD rules may come into play. It looks like at least six sets of paperwork and documents on your signers if you identify signers. Then there are the new beneficial ownership rules that will look for a natural person who owns the business at 25%


Learn more about Deborah's webinar Opening Entity Accounts (updated for the new CDD rules)

First published on 07/03/2016

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