Required Items to Open a Business Account

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What do I need to Open a Business Account?

Depending on the type of business organization you have filed, there are various requirements you must meet to open an IFCU Business Account.  Below are the types of businesses we service:

Sole Proprietorship

  1. Social Security Number (SSN) of the owner of the business OR
  2. Employer Identification Number (EIN) issued by the IRS in the name of the business or in the name of the owner.
  3. Fictitious Business Name Statement (FBNS) filed within the last 5 years in the county the business is located (if applicable).
    (The FBNS is not required when the owner’s surname/last name is used in the business name, such as "Bourne Landscaping Service." However, if the business name implies other business owners, i.e. Dunford & Son, Cote & Co., or Myatt and Associates, etc., then a FBNS is required.)
  4. Satisfactory proof of business mailing address

General Partnership

  1. Employer Identification Number (EIN) issued by the IRS in the name of the business.
  2. General Partnership Agreement signed by all Partners OR Fictitious Business Name Statement (FBNS), filed within the last 5 years in the county the business is located.
  3. Satisfactory proof of business mailing address

Limited Partnership (LP)

  1. Employer Identification Number (EIN) issued by the IRS in the name of the business.
  2. Filed Certificate of Limited Partnership.
  3. Limited Partnership Agreement signed by all Partners.
  4. Fictitious Business Name Statement (FBNS) filed within the last 5 years in the county the business is located. (The FBNS is required ONLY if the LP is using a DBA.)
  5. Satisfactory proof of business mailing address

Limited Liability Partnership (LLP)

  1. Employer Identification Number (EIN) issued by the IRS in the name of the business.
  2. Filed Application to Register a Limited Liability Partnership.
  3. Limited Liability Partnership Agreement signed by all Partners.
  4. Fictitious Business Name Statement (FBNS) filed within the last 5 years in the county the business is located. (The FBNS is required ONLY if the LLP is using a DBA.)
  5. Satisfactory proof of business mailing address

Limited Liability Company (LLC)

  1. Employer Identification Number (EIN) issued by the IRS in the name of the business.
  2. Filed Articles of Organization.
  3. Fictitious Business Name Statement (FBNS) filed within the last 5 years in the county the business is located. (The FBNS is required ONLY if the LLC is using a DBA.)
  4. Operating Agreement of the LLC signed and dated by the Manager(s)/Member(s). (If available)


    If the LLC was established in another state or another country:
  5. Application to Register a Foreign Limited Liability Company (LLC), filed with the Maine Secretary of State, AND/OR
  6. Certificate of Registration from the Maine Secretary of State.
  7. Satisfactory proof of business mailing address

    Corporation

    1. Employer Identification Number (EIN) issued by the IRS in the name of the business.
    2. Filed Articles of Incorporation.
    3. Fictitious Business Name Statement (FBNS) filed within the last 5 years in the county the business is located. (The FBNS is required ONLY if the Corporation is using a DBA.)
    4. By-Laws of the Corporation signed and dated by the Secretary. (If available)
      

If the Corporation was established in another state or another country:
    5. Statement and Designation By Foreign Corporation filed with the Maine Secretary of State, AND/OR
    6. Certificate of Qualification from the Maine Secretary of State.
    7. Satisfactory proof of business mailing address

    Unincorporated Non-Profit Association or Unincorporated Association

    NOTE: If the Non-Profit Association is incorporated, refer to the Corporation section.

    1. Employer Identification Number (EIN) issued by the IRS in the name of the business.
    2. Filed Articles of Organization OR
    3. Filed Registration of Unincorporated Non-Profit Association OR
    4. Filed Statement of Unincorporated Association.
    5. Governing documents stating elected officers, signed and dated by the Secretary.
    6. Satisfactory proof of business mailing address

      

    For more information, or to speak with a Business Service Representative, call 1-800-400-8401 - ext. 4140