ENTITY TYPES DOCUMENTS COMMONLY USED TERMS ACCOUNT OPENING JUNK DRAWER
100
What is an LLC or Limited Liability Corporation
The most common type of entity.
100
What is an Operating Agreement
This is a document needed if opening a Manager- Managed LLC
100
What is an Association
A group of people that share a common interest
100
What are special characters
These can not be used in the business name because Nautilus cannot archive correctly
100
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.
200
What is a Sole Proprietorship
A business owned by one person
200
What is their Title or Corporate Capacity
What all applicants on the Membership Application must sign with.
200
What is an Organization
A group of people with defined roles and functions
200
What is OFAC/ ID Verify
A security check that all members and the business must pass to open a membership
200
What is 90 days
The amount of time we set the NEW BUSINESS MEMBER alert to be active
300
What is a Corporation
An entity must provide Articles of Incorporation
300
What is the Commercial Account Checklist
The document sent to another Team Member after the membership has been opened
300
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
300
What is an Authorized Signer
Anyone who can transact on the account has this title in XP2
300
What is the check digit
The single number we add to the end of the SDC Number for the purpose of ordering checks
400
What is a Public Funds Account
A type of account that must be funded by local, state or federal government.
400
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
400
What is the Membership Disclosure Agreement
The document given to the member that lists pertinent information regarding savings and checking accounts
400
What is The Secretary of State Website
A database where we verify if a business is registered and active
400
What is Owner
This is the one title we never use on documents
500
What are General, Limited Liability and Limited Partnership
These are the three types of Partnership accounts
500
What is 25%
The threshold at which someone must be listed on the Beneficial Ownership form.
500
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
500
What is the CDD High Risk Review
A document that asks questions regarding the nature of the business and how they send/ receive funds
500
What is a Corporation
This type of entity will have a resolution passed by its Board of Directors.






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