Business

Before You Apply: Your Checklist for Business Account Opening

So, you started a business and it’s going well. Now what? You’re probably wondering what next steps you need to take to legitimize your business. Before you rush to McCoy Federal Credit Union to open a business account, do you have all the proper documentation? Keep reading to find out what you may need for a successful business account opening process. Our Members Trust Us for Their Business Banking Needs First, let’s review some key terms that will help you understand your business structure. Sole Proprietorship: A business owned and run by a single person. Partnership: A business co-owned and operating under two or more people. Limited Liability Corporation LLC : A business protecting an individual’s personal assets from the business’ legal liabilities and debts. Corporation: A business...

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