Our revised signature cards require us to indicate whether a corporation is an "S" or a "C" and the tax classification of an LLC (C corp, S Corp or Partnership.) Why is this information pertinent for a deposit account?
I am an operations officer at a small community bank and I need some solutions to a couple of questions. Can a bank deposit a check payable to an individual into an LLC or corporate account (the individual is a part of the LLC or corporate account)? An example - John Doe has a check made payable to him and he wants to deposit it into his LLC account (John Doe Trucking, LLC). Also, what documentation does a customer need to provide a bank if the customer has an LLC account with the bank but recently purchased another business and has checks made payable to the newly purchased business that need to be deposited into the LLC account (that is not in the name of the newly purchased business)? An example - my LLC is titled Never Hungry Cafe, LLC. I recently purchased Mary's Cafe and just for simplicity for my customers they still make their checks out to Mary's Cafe but I need to deposit these checks into my Never Hungry LLC. Any guidance would be greatly appreciated.
Can a Corporation sign as an Officer for another Corporation?
I have a customer who has multiple LLC each with their own EIN. He wants to consolidate them and manage them all through one account under the Parent Company LLC which does have an EIN as well. Can this be done and if so, would he have to relinquish the individual EINs of each LLC that he is combining? How would each entity remain separate but also be under one account?
If the sole officer of a corporation is deceased, and there is a signer of convenience on the checking account, can the signer of convenience continue to write checks?
Forgery & Altered Documents?Part III
By Dana Turner
Document Alteration Techniques?continued
The Government issues millions of checks every year for a variety of purposes, including tax refunds, salaries, and Social Security benefits.
Year-End Developments & Predictions
Avoiding Losses on
Counterfeit Treasury Checks
by Mary Beth Guard, BOL Guru