A sole proprietorship is someone who owns an unincorporated business by themselves. With that said, if you’re the sole member of a LLC, you aren’t a sole proprietor if you choose to treat the LLC as a corporation.

To open this account, the applicant’s legal name, date of birth, social security number, physical address, and government ID is required at account opening. This applies to business owners with 25% or more ownership within the business, even if they will not be on the account.

Required Documents:

• Fictitious Name Certificate
• Employer Identification Number (EIN) from the IRS
• Business License (if required by locality)

A general partnership is a business made up of two or more partners, each sharing in the business’s debts, liabilities, and assets. These partners assume unlimited liability, which can potentially subject their personal assets to seizure if the partnership becomes bankrupt.

To open this account, the applicant’s legal name, date of birth, social security number, physical address, and government ID is required at account opening. This applies to business owners with 25% or more ownership within the business, even if they will not be on the account.

Required documents: 

• Partnership agreement
• Statement of partnership authority
• Certificate of limited partnership
• Statement of registration as a domestic limited liability partnership 
• Employer Identification Number (EIN) from the IRS
• Business License (if required by locality)
• Fictitious Name Certificate

A limited partner plays a much more limited role in the business and are often referred to as “silent partners”. They usually contribute money to the business and share in the income stream, yet don’t participate in the day-to-day management of the company leaving those tasks to their general partner. This kind of business is often popular among family businesses, estate planning, and commercial real estate projects.

To open this account, the applicant’s legal name, date of birth, social security number, physical address, and government ID is required at account opening. This applies to business owners with 25% or more ownership within the business, even if they will not be on the account.

Required documents:

• Partnership agreement
• Statement of partnership authority
• Certificate of limited partnership
• Statement of registration as a domestic limited liability partnership 
• Employer Identification Number (EIN) from the IRS
• Business License (if required by locality)
• Fictitious Name Certificate

A LLP (limited liability partnership) is a hybrid of other types of business entities, but it’s considered to be a kind of limited partnership. The main difference between a LLP and a LP is that both general partners and limited partners are shielded from personal liability in the case of debt or legal action against the business. The most common instances of limited liability partnerships are seen in the real estate industry.

To open this account, the applicant’s legal name, date of birth, social security number, physical address, and government ID is required at account opening. This applies to business owners with 25% or more ownership within the business, even if they will not be on the account.

Required documents: 

• Partnership agreement
• Statement of partnership authority
• Certificate of limited partnership
• Statement of registration as a domestic limited liability partnership 
• Employer Identification Number (EIN) from the IRS
• Business License (if required by locality)
• Fictitious Name Certificate

Another hybrid business type that limits the liability of it’s owners, called members, like a corporation, but allows the profits to be taxed on either a personal level or a corporate level. Each state may use different regulations, so for more specific information you should check with your state. Generally banks and insurance companies cannot be LLCs.

To open this account, the applicant’s legal name, date of birth, social security number, physical address, and government ID is required at account opening. This applies to business owners with 25% or more ownership within the business, even if they will not be on the account.

Required documents:

• Articles of Organization 
• State Corporation Commission Certificate
• Employer Identification Number (EIN) from the IRS
• Business License (if required by locality)
• Fictitious Name Certificate

A corporation is a separate legal entity separate from its owners. The owners are considered shareholders, and they are not personally liable for the debts or obligations of the business. Under the law, corporations possess many of the same rights and responsibilities as individuals such as contracts, borrowing money, suing, owning assets, and more.

To open this account, the applicant’s legal name, date of birth, social security number, physical address, and government ID is required at account opening. This applies to business owners with 25% or more ownership within the business, even if they will not be on the account.

Required documents:

• Articles of Incorporation 
• Certification from Secretary of State
• Employer Identification Number (EIN) from the IRS
• Business License (if required by locality)
• Fictitious Name Certificate

If the organization is an association or club,  it’s eligible for Credit Union membership if all of its members are individually eligible. We require that the association or club have a tax identification number (TIN) to establish membership. This is the Employee Identification Number (EIN) of the organization. We also require a copy of meeting minutes. 

To open this account, the applicant’s legal name, date of birth, social security number, physical address, and government ID is required at account opening. This applies to association/club owners with 25% or more ownership within the organization, even if they will not be on the account.