ENTITY TYPES | DOCUMENTS | COMMONLY USED TERMS | ACCOUNT OPENING | JUNK DRAWER |
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What is an LLC or Limited Liability Corporation
The most common type of entity.
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What is an Operating Agreement
This is a document needed if opening a Manager- Managed LLC
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What is an Association
A group of people that share a common interest
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What are special characters
These can not be used in the business name because Nautilus cannot archive correctly
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What is the Relationship Manager
When entering the business details, this is where you select the person in which the member is accustom to working with.
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What is a Sole Proprietorship
A business owned by one person
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What is their Title or Corporate Capacity
What all applicants on the Membership Application must sign with.
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What is an Organization
A group of people with defined roles and functions
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What is OFAC/ ID Verify
A security check that all members and the business must pass to open a membership
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What is 90 days
The amount of time we set the NEW BUSINESS MEMBER alert to be active
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What is a Corporation
An entity must provide Articles of Incorporation
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What is the Commercial Account Checklist
The document sent to another Team Member after the membership has been opened
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What is a CFA membership
This provides a way for members who do not live, work or have a relative that lives or works in any of our qualified counties to qualify for membership
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What is an Authorized Signer
Anyone who can transact on the account has this title in XP2
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What is the check digit
The single number we add to the end of the SDC Number for the purpose of ordering checks
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What is a Public Funds Account
A type of account that must be funded by local, state or federal government.
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What is a certificate of Assumed Business Name
A document a Sole Proprietor will need to provide if their business is operating under a different name
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What is the Membership Disclosure Agreement
The document given to the member that lists pertinent information regarding savings and checking accounts
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What is The Secretary of State Website
A database where we verify if a business is registered and active
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What is Owner
This is the one title we never use on documents
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What are General, Limited Liability and Limited Partnership
These are the three types of Partnership accounts
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What is 25%
The threshold at which someone must be listed on the Beneficial Ownership form.
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What is the Control Portion
This is the section on the Beneficial Ownership Rule that must be filled out when opening a church, Non profit corporation or candidate account
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What is the CDD High Risk Review
A document that asks questions regarding the nature of the business and how they send/ receive funds
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What is a Corporation
This type of entity will have a resolution passed by its Board of Directors.
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