Master the complexities of business account openings by setting a strong foundation of understanding the unique features of various business structures by diving into the diverse world of Business Structures, Taxation, and Proper TIN, conquering everything from sole proprietorships to LLCs and corporations. Understand why business owners choose specific structures, how the way a business is taxed impacts the required TIN, and when to use SSNs versus EINs. Learn the Essential Business Documents needed to open business accounts, from external documentation provided by a county or state authority to ensuring proper internal resolutions and signature cards are in place. Gain confidence in opening Basic Business Accounts, such as sole proprietorships and non-profits, before advancing to Complicated Business Accounts, where you’ll navigate LLPs, LLCs, and corporate accounts with ease. Finally, tackle Advanced Business Topics like documenting multi-layered businesses and verifying Beneficial Ownership (BO) for complex organizations. This training will empower you to confidently handle any business account scenario, from the straightforward to the most intricate.
What You’ll Learn
Section 1 – Business Structures, Business Taxation and Proper TIN
- Overview of the multitude of business structures from Sole Proprietorship, LLCs, Corporations, and more
- Understand why a business owner would choose one business structure over another
- Understand how specific business structures limit an owner’s exposure to their businesses’ debts and legal claims
- How businesses are taxed and how it directly impacts the required TIN
- Understanding when companies can use SSNs vs. EINs
Section 2 – Business Accounts – The Role & Importance of External and Internal Documentation
- How a business is formed at the county and state level
- The difference between documentary and non-documentary verification
- What is a good standing certificate, and why is it important?
- What documents are needed to open accounts for foreign entities
- What is a DBA (Doing Business As)
- Necessary paperwork to update changes in a business structure’s ownership
- How an EIN IRS letter can be helpful in verifying a business
- The critical importance of bank signature cards and resolutions
- Risk of not having a properly executed resolution prior to opening a business account
Section 3 – Business Accounts – Basic Business Accounts
- Sole Proprietorships, General and Limited Partnerships
- Non-profit organizations, IOLTA accounts, and Public Funds
Section 4 – Business Accounts – Complicated Business Accounts
- Opening accounts for LLPs, LLLPs, LLCs, and Corporations
- Managing accounts when owners or authorized signers pass away
Section 5 – Business Accounts – Advanced Business Accounts Topics
- Opening and documenting multi-layered business structures
- Verifying Beneficial Ownership (BO) for complex organizations
Who Should Attend
This session is ideal for anyone responsible for customer-facing roles, particularly those involved in new accounts, customer service, and compliance. This includes tellers, personal bankers, account managers, branch managers, and compliance officers. Additionally, any staff responsible for opening and verifying new accounts, handling customer documentation, or ensuring regulatory compliance with rules such as KYC, CIP, and AML would benefit significantly from this training.
