Reset Password / First Time User

NCUA logo

Accessibility

Apply for a loan

Main Content

Business Accounts

 

Business Accounts

Businesses and organizations incorporated or otherwise, are eligible for a business membership at Topside FCU if they are composed, for the most part, of the same general group as the Credit Union membership.

To be eligible for a business account, you must fit into one of the below categories. The principles are typically the owners of the business. They’re called different things depending on the type of business. The owners are identified In the documents provided when membership is established, as specified in the categories below.

Women standing in front of open business

 

  • Sole Proprietorship

    A business owned and run by one person.

    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)
  • General Partnership

    An unincorporated business with two or more owners who share business responsibilities.

    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
  • Limited Partnership (LP)

    A limited partnership is when two or more partners go into business together, with the limited partners only liable up to the amount of their investment.

    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
  • Limited Liability Partnership (LLP)

    Similar to a limited partnership, but both partners are shielded from personal liability.

    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
  • Limited Liability Company (LLC)

    Owners of a limited liability company are called members.

    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
  • Corporation

    Created when it's incorporated by a group of shareholders who share ownership, represented by their holding of stock shares. 

    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
  • Association or Club

    As a local association or club, you can become a community partner.

    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.

Becoming a community partner/affiliate

Topside Federal Credit Union offers high-quality, affordable financial services. If your company or organization chooses to partner with us, this is a benefit that you can offer your employees at NO COST to you! To offer your employees the benefit of Topside Federal Credit Union membership, simply click the button below to fill out or select employer group request form. Once your form is submitted, our Executive director of marketing will submit your request for membership to the NCUA (National Credit Union Administration) and to our Board of Directors. A decision is usually granted within the same month we receive the request. Questions? Call Stephanie Lyles at (540) 413-3916 or email her at stephanie.lyles@topsidefcu.org.

Select Employer Group Request Form
Group handshake

 

Merchant Services

We are proud to partner with Total Merchant Concepts (TMC), to provide debit and credit card processing. We chose TMC because of their commitment to providing great service to our business members. Learn more.

 

Business Checking Accounts

LEARN MORE VIEW RATES 

Business Savings Accounts

LEARN MORE VIEW RATES

 

Business Loans

LEARN MORE VIEW RATES 

Business Certificates

LEARN MORE VIEW RATES

 

Eligibility Requirements/Information

To verify eligibility all businesses, as part of establishing membership, are required to remit an appropriate “Resolution”. In remitting this Resolution to the principal(s) of the business or organization is certifying that the business meets the eligibility requirements.

Majority of principals (or members) not eligible for membership: If this is the case, many organizations are eligible to become an affiliate of the Credit Union. Once this relationship is established, all of the principals are eligible for membership, thus making the business eligible to establish membership. As an affiliate, your organization can offer the benefits of Credit Union membership to all of its employees/members/volunteers, as well as their families, at no cost to the organization!