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Signature Cards: Tax Classification of LLC

Question: 
Our revised signature cards require us to indicate whether a corporation is an "S" or a "C" and the tax classification of an LLC (C corp, S Corp or Partnership.) Why is this information pertinent for a deposit account?
Answer: 

by Randy Carey:

Ask the person that revised your signature cards.

Answer: 

by Kathleen Blanchard:

It is probably a carryover from the changes made to the IRS W-9, which now requires this information.

First published on 10/18/2015

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