IMPORTANT INFORMATION ABOUT OPENING A LEGAL ENTITY ACCOUNT

Transcription

1 IMPORTANT INFORMATION ABOUT OPENING A LEGAL ENTITY ACCOUNT Effective May 11, 2018, new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats. EACH time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number as well as identification documents) for each individual that has beneficial ownership (25% or more) and one individual that has significant managerial control of the Legal Entity. If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge. We proudly support all efforts to protect and maintain the security of our members and our country. Every Business loan is unique, however most loans additionally require: Commercial loan application 4056-T Form Personal Financial Statement Business and Personal Debt Schedules Information on the collateral We will also need: Business entity documents Business license & Proof of EIN Corporation documents and a Resolution Most recent three years of tax returns with W-2s (personal and business) Three years of year-end, plus year-to-date financial statements, Profit & Loss and Balance Sheet Year-to-date paystub (if applicable) Two months of bank statements Other items may be requested For an SBA application we will need items listed above, plus: SBA Form 1919 SBA Schedule of collateral Proof of veterans status (if applicable) Manager resume(s) if applicable Projected financial statements Profit & Loss and Balance Sheet Business plan List of uses for the requested funds. Other items may be requested

2 SOAFCU Business Loan Check List 1417 Gillam Way Fax Yes No Business Loan Application Yes No Personal Financial Statement Yes No Debt Schedules (personal & business) Yes No Business is a current SOAFCU member Yes No HMDA Questionaire Yes No 4506-T Yes No Prior 3 Years Tax Returns (Business & Personal) Yes No Prior 3 Years W2 s Yes No 401k Statement (if applicable) Yes Yes Current Bank statements Yes No Earnest money agreement, if any Yes No Purchase invoice for collateral, if any Yes No Copy of business license Yes No If a corporation copy of bylaws Yes No Corporate resolution supporting loan

3 Spirit of Alaska Business Loan Application Spirit of Alaska account number Automatic payment? Customer credit information requirements q Up to 2,500-50,000 Required documents: This application plus most recent tax return for business and personal. q 50, ,000 Required documents: This application plus two most recent tax returns for business and personal. q Over 250,000 Required documents: Please complete a Commercial Loan Application. Important information about procedures for opening a new account To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. To comply with this requirement, please complete the following information prior to opening your account. Section 1: Loan request and collateral (please attach additional sheet if necessary) o Line of Credit o Business Term Loan o Commercial Real Estate o Letter of Credit Purpose o Cash flow o Working capital Amount requested o Overdraft protection: Cover overdrafts from my Spirit of Alaska business checking o Other: account number with the available funds from my Spirit of Alaska Line of Credit. Purpose Amount requested Term requested Down payment (if purchase) Purpose Amount requested Term requested Down payment (if purchase) Purpose Amount requested Term requested Collateral offered o All assets o Accounts receivable o Inventory o Equipment o Marketable securities o Savings o Unsecured o Other o Vehicle Year Make Model VIN o Residential real estate address o Commercial real estate address Current valuation Current valuation Section 2: Borrower information Legal name of borrower (company name) (for sole proprietor: last name, first name) Doing business as (DBA) (if applicable) Federal tax ID number NAICS code SIC code Date established Present ownership since Number of employees Annual sales revenue Business type o S Corporation o C Corporation o Trust o LLC o Sole proprietor o Non-profit o Partnership o Other: Nature of business Business physical address (no P.O. Box please) City State ZIP Mailing address (if different than street address) City State ZIP Business phone number Business fax number Website Business Has the business incurred a loss in the last three years? Are there any delinquent state or federal income taxes owed by the business? Is the business under agreement so that ownership will change? Section 3: Business financial information Business deposit or investment accounts (List only non-spirit of Alaska accounts). Attach separate sheet, if necessary. Financial institution Average combined balance Present Business Loans (List only non-spirit of Alaska accounts). Attach separate sheet, if necessary. Financial institution Balance Monthly payment Interest rate Open date Maturity Collateral If yes to any of the questions, please explain on an attached sheet. Has Spirit of Alaska incurred a loss from the borrower or any principals? Is the borrower or any principals currently involved in any litigation or other legal claims? Has the borrower or any principal ever declared bankruptcy? Are any taxes currently past due by the borrower or any principal? Is the borrower liable on any debts not shown above? Is the borrower or any principal contingently liable as guarantor, comaker, or endorser? 1

4 Section 4: Owner/principal information (if more than two owners, please attach additional sheet) 1. Owner/principal First name MI Last name Suffix Social Security Number Title % of ownership Years as owner Residence street address City State ZIP Home phone number U.S. citizen? (if no, explain) Date of birth Total personal annual income* Personal residence Number of years Monthly payment Market value Mortgage balance o Own o Rent Applicant, please specify if assets and liabilities are individual (I) or joint (J) with another party. Assets I/J Value Liabilities I/J Monthly payments Balances owed Cash on hand and in bank Notes payable to banks and others Investments: Stocks, bonds, Etc. Accounts payable Real estate Real estate mortgages Retirement accounts Installment accounts Accounts & Notes receivable Unpaid income taxes Cash value life insurance Credit cards (outstanding balance) Automobiles Other liabilities Make Year Contingent liabilities Make Year Other: (attach additional sheet if necessary) Jewelry Household goods Total liabilities Other: Net worth Total assets Total liabilities and net worth *Income received from child support, alimony, or maintenance is optional information furnished only if you desire this income to be considered in evaluating your application. 2. Owner/principal First name MI Last name Suffix Social Security Number Title % of ownership Years as owner Residence street address City State ZIP Home phone number U.S. citizen? (if no, explain) Date of birth Total personal annual income* Personal residence Number of years Monthly payment Market value Mortgage balance o Own o Rent Applicant, please specify if assets and liabilities are individual (I) or joint (J) with another party. Assets I/J Value Liabilities I/J Monthly payments Balances owed Cash on hand and in bank Notes payable to banks and others Investments: Stocks, bonds, Etc. Accounts payable Real estate Real estate mortgages Retirement accounts Installment accounts Accounts & Notes receivable Unpaid income taxes Cash value life insurance Credit cards (outstanding balance) Automobiles Other liabilities Make Year Contingent liabilities Make Year Other: (attach additional sheet if necessary) Jewelry Household goods Total liabilities Other: Net worth Total assets Total liabilities and net worth *Income received from child support, alimony, or maintenance is optional information furnished only if you desire this income to be considered in evaluating your application. 2

5 Section 5: Statement and signatures of all business owners/principals (if more than two owners, please attach additional sheet) Each of the undersigned certifies intent to apply for credit as indicated in this application and that everything stated herein and in attachment(s) is correct. Spirit of Alaska may keep this application whether or not it is approved. We authorize Spirit of Alaska and any of its duly authorized agents to obtain and use credit reports and to exchange credit information in connection with this application, and any update, renewal, or extension that Spirit of Alaska may require. Additionally we hereby authorize Spirit of Alaska to obtain our personal credit report(s), and/or to make employment or investigative inquiries deemed necessary by Spirit of Alaska in connection with this application. We have the right to ask if a consumer credit report was requested, and if it was and we ask, we will be informed of the name and address of the consumer reporting agency that furnished the report. We understand and agree that Spirit of Alaska will furnish our personal and business information to consumer reporting agencies and to others who may properly receive the information. It is understood that a photocopy or fax of this application will also serve as authorization. We understand that we must update this credit information at Spirit of Alaska s request and if our financial condition changes. We certify that the credit being applied for will be used solely for business purposes. We understand and agree that the above statements apply to any Owner, Principal, Partner, Guarantor, and Co-Borrower. Statement of intent to obtain credit as joint applicants/guarantors q Yes, we are applying for joint credit in all of our names q No, the request is for individual credit in the name of: 1. Signer Title Date 2. Signer Title Date Documentation Documentation requirements differ based on type of business and type of loan requested, as indicated below. Please return this application with the appropriate documentation for your business and loan request. Corporation q Current business license q Articles of incorporation Proprietorship q Current business license Trust q Original or certified copy of executed trust agreement and all related documents Application submission and loan closing Limited Liability Company (LLC) q Current business license q Articles of organization q Operating agreement For Lines of Credit, add q Accounts receivable aging report q Accounts payable aging report q Inventory list, e.g. raw materials, work in progress, finished goods Partnership q Current business license q Copy of formal partnership agreement Non-profits q Current business license q Articles of organization Bring your application to the nearest branch, or mail or fax it to: Spirit of Alaska Federal Credit Union Business Lending 1417 Gillam Way Fairbanks, AK Fax number: (907) Decisions Credit decisions are contingent upon verification of the information provided, credit history, and the value of any collateral. Loan closings Once the verification is complete and your application is approved, you may close the loan in person at Spirit of Alaska, 1417 Gillam way, Fairbanks, AK Disbursement of funds Check may be available at closing. CREDIT UNION USE ONLY Originator name/title Initials Originator phone number Originator fax number Questions? Call Spirit of Alaska Business Lending. (907)

6 Personal Financial Statement Financial Statement as of. This statement should reflect the financial condition of both you and your spouse or your co-applicant. This statement may be completed jointly by both applicants if your assets and liabilities are sufficiently joined so that the statement can be meaningfully presented on a combined basis. Otherwise separate statements are required. Important information about procedures for opening a new account To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. To comply with this requirement, please complete the information on this form prior to opening your account. Relationship to Applicant Applicant Co-Applicant (includes applicant s spouse) Name (please print) Date Of Birth Name (please print) Date Of Birth Physical Address How Long Physical Address How Long City State ZIP City State ZIP Mailing Address Mailing Address City State ZIP City State ZIP Home Phone No. Cell Phone No. Preferred contact Method: Home phone No. Cell Phone No Preferred Contact Method: US Citizen? Yes No Social Security No. US Citizen? Yes No Social Security No. Government Issued ID (Driver s License, Military ID, State ID) Government Issued ID (Driver s License, Military ID, State ID) Type Number State/County Exp.Date Type Number State/County Exp.Date Employed By No. Dependents Employed By No. Dependents Business Address Daytime Telephone Business Address Daytime Telephone Type Of Business Position How Long Type Of Business Position How Long Fixed Or Average Salary Per Name Of Primary Financial Institution Note: Income received from child support, alimony or maintenance is optional information furnish only if you desire this income to be considered in evaluating your application. Amount of Other Inc. Source (Rentals, Dividends, Fixed Or Average Salary Amount of Other Inc. Etc.) Per Name Of Primary Financial Institution Source (Rentals, Dividends, Etc ) Checking Savings Other Checking Savings Other Applicant and Co-Applicant, specify if assets and liabilities are individual (I) or joint (J). Assets I/J In even dollars Liabilities I/J In even dollars Cash on hand and in banks Notes Payable to Banks & Others (Section E) Investments: Stocks, Bonds Etc. (Section A) Accounts Payable (Section F) Real Estate (Section B) Real Estate Mortgages (Section B) Retirement Accounts Installment Accounts Accounts & Notes Receivable (Section C) Unpaid Income Taxes Cash Value Life Insurance (Section D) Credit Cards (Outstanding Balance) Automobiles Make Year Other Liabilities (Itemize) Make Year Contingent Liabilities (Section G) Jewelry Other: Household Goods Total Liabilities Other: Net Worth Total Assets Total Liabilities and Net Worth

7 Details relative to assets and liabilities (Attach supplemental list if necessary) Section A Investments, Marketable Securities, US Governments, Stocks, Bonds List Title in name of Pref. or common No. of shares Market value TOTAL Shares pledged Where Section B Real Estate Owned with Mortgages. Real Estate Type: SF = Single Family, A = Apartments. C= Commercial Mortgages Address RE Type Title In Name Of Date Acquired Original Cost Present Mkt. Value Balance Mo. Pymt Lender TOTAL Section C Accounts and Notes Accounts and notes receivable From Amount due Maturity Repayment schedule Security (if any) TOTAL Section D Life Insurance Life Insurance Company Owner Face amount Beneficiary Kind of insurance Cash value Amount of policy TOTAL Section E Notes Payable to Banks and Others Notes Payable To Amount Date Made Date Due For What TOTAL Section F Accounts Payable Accounts Payable - To Amount Date Made Date Due For What TOTAL

8 Section G Contingent Liabilities Contingent liabilities (Debtor) Amount Are you a guarantor, co-maker, or endorser for any debt of an individual, corporation or partnership? Do you have any outstanding letters of credit or surety bonds? Are there any suits or legal actions pending against you? Are you contingently liable on any lease or contract? Income tax returns filed though. Are any returns currently being audited or contested? Have you or any firm in which you were a major owner ever declared bankruptcy? What would be your total estimated tax liability if you were to sell your major assets? If yes for any of the above, give details: Yes No Cash income and expenditures statement for the year ended Annual income In even dollars Salary (applicant) Salary (co-applicant) Bonuses and commissions Rental income Interest income Dividend income Capital gains Partnership income Other investment income Other income (List)** TOTAL INCOME Annual expenditures Federal income and other taxes State income and other taxes Rental payments, co-op, or condo maintenance Mortgage payments Property taxes Interest and principal payment on loans Insurance Investments (including tax shelters) Alimony/child support Tuition Other living expenses Medical expenses Other expenses (List) TOTAL EXPENDITURES In even dollars Any significant changes expected in the next 12 months? Yes (attached information) No ** Income received from child support, alimony or maintenance is optional information furnished only if you desire this income to be considered in evaluating your application. This financial statement is submitted for the purpose of procuring, establishing and maintaining credit on behalf of the undersigned or persons, firms or corporations on whose behalf the undersigned may either severally or jointly with others execute a guaranty in Spirit of Alaska s favor. The undersigned authorizes Spirit of Alaska and its affiliates to share with each other all information provided herein or in any credit bureau report, or experience or other information regarding the undersigned. The undersigned warrants that this financial statement is true and correct and authorizes Spirit of Alaska to obtain information concerning any statements made herein. CERTIFICATION REGARDING MARIJUANA BUSINESSES Is the applicant identified in this statement currently, or intending in the future, to associate itself with any marijuana related business or activity? Yes (explain) No STATEMENT OF INTENT TO OBTAIN CREDIT AS JOINT APPLICANTS/GUARANTORS Yes, we are applying for joint credit in both our names No, The request is for individual credit in the name of : Signature Signature Date Date

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10 Personal Schedule of Debt Please complete form in its entirety. As of: (Insert Date) Customer Name Creditor Line (LOC) Loan (LN) Lease (LE) Collateral Note Date (mm/yyyy) Current Balance Maturity Date Interest Rate Monthly Payment Print Name Signature

11 Business & Commercial Schedule of Debt Please complete form in its entirety. As of: (Insert Date) Customer Name Creditor Line (LOC) Loan (LN) Lease (LE) Collateral Note Date (mm/yyyy) Current Balance Maturity Date Interest Rate Monthly Payment Print Name Signature

12 Form 4506-T (Rev. September 2015) Department of the Treasury Internal Revenue Service Request for Transcript of Tax Return Do not sign this form unless all applicable lines have been completed. Request may be rejected if the form is incomplete or illegible. For more information about Form 4506-T, visit OMB No Tip. Use Form 4506-T to order a transcript or other return information free of charge. See the product list below. You can quickly request transcripts by using our automated self-help service tools. Please visit us at IRS.gov and click on Get a Tax Transcript... under Tools or call If you need a copy of your return, use Form 4506, Request for Copy of Tax Return. There is a fee to get a copy of your return. 1a Name shown on tax return. If a joint return, enter the name shown first. 1b First social security number on tax return, individual taxpayer identification number, or employer identification number (see instructions) 2a If a joint return, enter spouse s name shown on tax return. 2b Second social security number or individual taxpayer identification number if joint tax return 3 Current name, address (including apt., room, or suite no.), city, state, and ZIP code (see instructions) 4 Previous address shown on the last return filed if different from line 3 (see instructions) 5 If the transcript or tax information is to be mailed to a third party (such as a mortgage company), enter the third party s name, address, and telephone number. Caution: If the tax transcript is being mailed to a third party, ensure that you have filled in lines 6 through 9 before signing. Sign and date the form once you have filled in these lines. Completing these steps helps to protect your privacy. Once the IRS discloses your tax transcript to the third party listed on line 5, the IRS has no control over what the third party does with the information. If you would like to limit the third party s authority to disclose your transcript information, you can specify this limitation in your written agreement with the third party. 6 Transcript requested. Enter the tax form number here (1040, 1065, 1120, etc.) and check the appropriate box below. Enter only one tax form number per request. a Return Transcript, which includes most of the line items of a tax return as filed with the IRS. A tax return transcript does not reflect changes made to the account after the return is processed. Transcripts are only available for the following returns: Form 1040 series, Form 1065, Form 1120, Form 1120-A, Form 1120-H, Form 1120-L, and Form 1120S. Return transcripts are available for the current year and returns processed during the prior 3 processing years. Most requests will be processed within 10 business days b c Account Transcript, which contains information on the financial status of the account, such as payments made on the account, penalty assessments, and adjustments made by you or the IRS after the return was filed. Return information is limited to items such as tax liability and estimated tax payments. Account transcripts are available for most returns. Most requests will be processed within 10 business days. Record of Account, which provides the most detailed information as it is a combination of the Return Transcript and the Account Transcript. Available for current year and 3 prior tax years. Most requests will be processed within 10 business days Verification of Nonfiling, which is proof from the IRS that you did not file a return for the year. Current year requests are only available after June 15th. There are no availability restrictions on prior year requests. Most requests will be processed within 10 business days.. 8 Form W-2, Form 1099 series, Form 1098 series, or Form 5498 series transcript. The IRS can provide a transcript that includes data from these information returns. State or local information is not included with the Form W-2 information. The IRS may be able to provide this transcript information for up to 10 years. Information for the current year is generally not available until the year after it is filed with the IRS. For example, W-2 information for 2011, filed in 2012, will likely not be available from the IRS until If you need W-2 information for retirement purposes, you should contact the Social Security Administration at Most requests will be processed within 10 business days. Caution: If you need a copy of Form W-2 or Form 1099, you should first contact the payer. To get a copy of the Form W-2 or Form 1099 filed with your return, you must use Form 4506 and request a copy of your return, which includes all attachments. 9 Year or period requested. Enter the ending date of the year or period, using the mm/dd/yyyy format. If you are requesting more than four years or periods, you must attach another Form 4506-T. For requests relating to quarterly tax returns, such as Form 941, you must enter each quarter or tax period separately. / / / / / / / / Caution: Do not sign this form unless all applicable lines have been completed. Signature of taxpayer(s). I declare that I am either the taxpayer whose name is shown on line 1a or 2a, or a person authorized to obtain the tax information requested. If the request applies to a joint return, at least one spouse must sign. If signed by a corporate officer, 1 percent or more shareholder, partner, managing member, guardian, tax matters partner, executor, receiver, administrator, trustee, or party other than the taxpayer, I certify that I have the authority to execute Form 4506-T on behalf of the taxpayer. Note: For transcripts being sent to a third party, this form must be received within 120 days of the signature date. Signatory attests that he/she has read the attestation clause and upon so reading declares that he/she has the authority to sign the Form 4506-T. See instructions. Phone number of taxpayer on line 1a or 2a Sign Here Signature (see instructions) Title (if line 1a above is a corporation, partnership, estate, or trust) Date Spouse s signature For Privacy Act and Paperwork Reduction Act Notice, see page 2. Cat. No N Form 4506-T (Rev ) Date

13 Personal References Name: Date: Please list two relatives and one personal reference not living with you. 1. Name: Relationship: Address: Telephone Number: 2. Name: Relationship: Address: Telephone Number: 3. Name: Relationship: Address: Telephone Number: