CORPORATIONS AND PROFESSIONAL CORPORATIONS (PCS)

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Marcus Moody
6 years ago
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1 CORPORATIONS AND PROFESSIONAL CORPORATIONS (PCS) When opening a business account with TDECU for Corporations, S-Corporations and PCs, the business title must include one of the following: Inc., Corp., Ltd., Incorporated, or Corporation. Evidence of Existence: Articles of Incorporation or Certificate of Formation stamped by the TX Secretary of State. If your business was created in another state, you will need to provide proof that you are registered to do business in TX. Corporate Resolution or Minutes from Board of Directors Meeting: Names and titles of officers must be listed and authorize the opening of the account; if applicable, it must be signed by the secretary of the corporation Fictitious Name Statement: If applicable Corporate EIN Number and Documentation to include IRS letter listing your EIN/TIN

2 LIMITED LIABILITY COMPANY The Limited Liability Company must include one of the following in its title: Limited Liability Company, Limited Company, LLC or LC. Certificate of Formation (TX) Operating Agreement Resolutions: Signed by all members or by a managing member EIN for LLC and Documentation: IRS letter listing your EIN/TIN

3 SOLE PROPRIETORSHIP AND JOINT OWNERS (DBA) The sole proprietorship must include one of the following in its title: DBA following the business name if the SSN is used or DBA followed by the business name if the EIN is used. If the sole proprietorship involves joint owners such as a husband and wife, the title must include: joint names followed by DBA if the SSN is used, or DBA followed by the joint names if the EIN is used. Evidence of Existence: DBA, Assumed Name or Trade Name Certificates EIN Documentation: IRS letter listing your EIN (if filing taxes under an EIN) (if filing taxes under a SSN)

4 PARTNERSHIPS There are three types of partnerships: General, Limited and Limited Liability. Since each type has a different name and documentation requirements, let s take this one type at a time. General Partnerships only require the name in the title along with the following documentation: Partnership Agreement: If this agreement is not available, Evidence of Existence such as a DBA, Assumed Name or Trade Name Certificate is also acceptable Limited Partnerships must include Limited Partnership in the title along with the following documentation: Certificate of Formation (TX) Partnership Agreement: If available Limited Liability Partnerships must include Limited Liability Partnership or LLP in the title along with the following documentation: Limited Liability Partnership Registration (TX) Partnership Agreement: If available

5 ASSOCIATIONS AND NON-PROFIT ENTITIES Unincorporated associations include civic organizations, trade associations, labor organizations, recreational clubs and other similar types or organizations. Non-profits include social clubs, religious or civic organizations, etc. The business name in the title is the only requirement. Resolutions: Including authority of representatives EIN of Organization or Club and Documentation: IRS letter listing your EIN/TIN Non-Profit Status / Determination from the IRS: Applicable to non-profits only (churches are exempt); organizations must apply through the IRS, which will send a determination letter stating that the organization has qualified for non-profit status

A Sole Proprietor is determined by the Social Security Number (SSN) on the Schedule C; always considered a single owner.

Sole Proprietor A Sole Proprietor is determined by the Social Security Number (SSN) on the Schedule C; always considered a single owner. Current Schedule C must be submitted unless not available due to