Business Savings

A Non-Profit Corporation is an independent legal entity that exists separately from the people who control and manage it.

A Non-Profit Corporation depends on charitable donations and/or voluntary service for support.

To open a new account, the following items are needed:
The account cannot be opened without these required items

1. Articles of Incorporation
2. Bylaws/Charter
3. Federal Tax I.D. number (Employer Identification Number)
4. Corporation must be active with the Florida Division of Corporations
5. Government issued photo identification and required information for each signer.
6. Meeting minutes or board resolution authorizing account opening and identifying signers.

When changing signers on your account, the following documentation is required:

• Meeting minutes or board resolution specifically authorizing the requested changes on the account.
• Government issued identification and required information for each signer.

A Corporation is an independent legal entity that exists separately from the people who own, control and manage it. The owners have limited liability.

• C Corporations are taxed as separate entities. There is no restriction on ownership and there can be multiple classes of stock.
• S Corporations have only one level of taxation. The corporation’s separately stated items of income, deduction, loss, and credit, are passed through to the shareholder’s tax returns.

To open a new account, the following items are needed:
The account cannot be opened without these required items

1. Articles of Incorporation
2. Federal Tax I.D. number (Employer Identification Number)
3. Corporation must be active with the Florida Division of Corporations
4. Government issued photo identification and required information for each signer and beneficial owner.

A Limited Liability Company (LLC) is a legal business entity provides its owners with limited personal liability. It offers flexible tax options and may be tax classified as a C Corporation, S Corporation or Partnership.

To open a new account, the following items are needed:
The account cannot be opened without these required items

1. Articles of Organization
2. Operating Agreement or LLC Resolution for Authorized Signers On Bank Account (Launch CU Form) – What is an Operating Agreement? Click here for more information
3. Federal Tax I.D. number (Employer Identification Number)
4. LLC must be active with the Florida Division of Corporations
5. Government issued photo identification and required information for each signer and beneficial owner.

A partnership exists when two or more persons or entities co-own a business.

• General Partnership (GP)– The rights and responsibilities are generally divided equally among the partners. General Partners are jointly liable for the partnership debts and can act on behalf of all partners.
• Limited Partnership (LP) – Consists of both General and Limited Partners who benefit from the business’s profits. General Partners manage the business. Limited Partners do not manage the business activities and are not liable for the business debts.
• Limited Liability Partnership (LLP) – A partnership where some of all of the partners have limited liability.

To open a new account, the following items are needed:
The account cannot be opened without these required items

1. Partnership Agreement
2. Federal Tax I.D. number (Employer Identification Number)
3. Partnership must be active with the Florida Divisions of Corporations
4. Government issued photo identification for each partner or signer.

An Unincorporated Organization is a not for profit association formed by a group of individuals for charitable, scientific, educational, literary, or religious purposes.

To open a new account, the following items are needed:
The account cannot be opened without these required items

1. Bylaws/Charter
2. Federal Tax I.D. number (Employer Identification Number)
3. Meeting minutes or board resolution authorizing account opening and identifying signers.
4. Government issued identification and required information for each signer.

When changing signers on your account, the following documentation is required:

1. Meeting minutes or board resolution specifically authorizing the requested changes on the account.
2. Government issued identification and required information for each signer.