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What to bring to open a Business Account

When opening a business checking or savings account, all banks are required to obtain information verifying the business as well as the individuals associated with the business. This list will help you quickly and easily determine the documents needed.

1. Information regarding Beneficial Owners of Legal Entity Customers – Certifies the Beneficial Owners for business customers operating as a legal entity. Include a clear copy of your valid driver’s license or state-issued ID.

2. Tax Identification Number – This is not required for Sole Proprietorships.

3. Authorized Signer Information – Include a clear copy of your valid driver’s license or state-issued ID.

4. Opening Deposit

5. Meeting Minutes or Authorization Letter
       • Meeting minutes that state:
             - An account is to be opened with MNB in the name of the organization
             - Names of authorized signers and their signing powers on the account
             - Names of the officials (President, Treasurer, Secretary, etc.
             - Meeting minutes must be signed by at least one key official
       • Authorization Letter on corporate letterhead designating the individuals who are authorized to act on behalf of the corporation with respect to the account

Based on your business type, you will also need one of the following or the appropriate documents issued by a Government agency.

Sole Proprietorship (you will need ONE of the following)

  • Assumed Name (or similar) Certficate OR
  • Business License OR
  • Sales Tax License OR
  • 2 years of Business' Tax Returns

General Partnership (you will need ONE of the following)

  • Assumed Name (or similar) Certificate OR
  • Business License OR
  • Sales Tax License OR
  • 2 years of Business' Tax Returns

Limited Partnership (LP), Limited Liability Partnership (LLP), or Limited Liability Limited Partnership (LLLP) (you will need ONE of the following)

  • Partnership Documents OR
  • Business License OR
  • Sales Tax License OR
  • 2 years of Business' Tax Returns OR
  • Certificate of Good Standing

Corporations (S-Corporation, C-Corporation, or LLC) (you will need ONE of the following)

  • Articles of Incorporation OR
  • Business License OR
  • Sales Tax License OR
  • 2 years of Business' Tax Returns OR
  • Certificate of Good Standing

Non-Profit Organizations, Unincorporated Associations, Civic Groups, and Community Organizations (you will need ONE of the following)

  • Articles of Organization OR
  • Articles of Association OR
  • Business License OR
  • 2 years of Business' Tax Returns OR
  • Certificate of Good Standing

Social or Recreational Clubs (you will need ONE of the following)

  • Articles or Bylaws of Organization/Association OR
  • Certificate of Good Standing

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