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 independent from the individual owning it. For example, the business, not the individual pays taxes and enters contracts.
Identify Your Business Structure.
Before you open a business account, you must establish a business structure. Whether you run a food truck or a small boutique shop, you need to determine if you’re a sole proprietorship, partnership, LLC, or corporation. This will help the business services team inform you of the necessary documentation for your specific structure.
Register Your Business.
This step is probably the most important and most people tend to forget. Before opening an account, register your business on SunBiz so our specialists can verify the legitimacy of your business. Make sure the names on the identification match what is listed on SunBiz. Lastly, only list people who you want to have access to the business account on your SunBiz registration.
Bring the Right Identification.
To get your account process moving quickly, you must present an acceptable primary document from ALL authorized signers. Examples include a Driver’s License, State ID, or Student ID. You must also have an Employer Identification Number (EIN) for your business, if you are NOT using your own Social Security Number (SSN) as a Sole Proprietor.
Be Prepared with Proof of Address.
Proof of address can be anything that verifies your business address, such as a utility bill or lease agreement. The physical addresses of your business must be located in the counties within McCoy’s field of membership. Virtual addresses are NOT allowed, but having a separate mailing address is suitable.
Additional documentation may be needed depending on your business type, such as Articles of Incorporation or Operating Agreement for LLCs.
If you’re interested in having McCoy be a part of your business story, contact our Business Services Department at 407-855-5454 (ext. 52310) for more information on how to get started.
