Required Business Account Documentation

Based on your business type, we require the following documents to open a new Business Account with Liberty FCU.
For additional details and requirements for each type of business, please visit your local Secretary of State website. All requirements are for Indiana unless explicitly stated otherwise.*

If you’d like to view the Required Business Account Documentation Summary click here.

Click here to learn how to add your business or organizational group to Liberty FCU’s field of membership.

SOLE PROPRIETORSHIP:
  • Using the business owner’s Social Security Number for tax reporting
    • Certificate of Assumed Name*
  • Using an Employer Identification Number (EIN)
    • SS4 Form issuing the EIN from the IRS
    • Certificate of Assumed Name*

*Certificate of Assumed Name is required when the business owner’s full legal name is NOT part of the business name

Note: In Tennessee, the state and county business licenses will be required in lieu of a certificate of assumed name

PARTNERSHIP:

General Partnership

  • SS4 Form issuing the Employer Identification Number (EIN) from the IRS
  • Certificate of Assumed Name may be required. See specific requirements below:
    • Indiana & Illinois – If the business name does not contain all partner’s full legal surnames, a Certificate of Assumed Name form must be filed at the county clerk’s office in the county where conducting business prior to account opening. The form must list all General Partners
    • Kentucky – IF using an assumed name (any name that does not contain the full legal surname of all General Partners) the business must file with the Kentucky Secretary of State
    • Tennessee – must file the business with the Tennessee Secretary of State
    • For any state not listed above, please contact a representative at Liberty FCU for more details or visit your local Secretary of State website

Limited Partnership

  • SS4 Form issuing the Employer Identification Number (EIN) from the IRS
  • Certificate of Limited Partnership filed with the Secretary of State (depending on specific state requirements, if this does not list all general partners, a Partnership Agreement may also be requested)
  • Certified copy of the Business Entity Report or Annual/Biennial filing that shows proof the Entity is “Active” and in good standing with the Secretary of State
  • Any Assumed Name other than the legal business name must be registered under the business listing on the Secretary of State

Limited Liability Partnership

  • SS4 Form issuing the Employer Identification Number (EIN) from the IRS
  • Registration of Limited Liability Partnership
  • Partnership Agreement identifying all partners
  • Certified copy of the Business Entity Report or Annual/Biennial filing that shows proof the Entity is “Active” and in good standing with the Secretary of State
  • Any Assumed Name other than the legal business name must be registered under the business listing on the Secretary of State
LIMITED LIABILITY COMPANY:

Sole Member LLC

  • SS4 Form issuing the Employer Identification Number (EIN) from the IRS. (unless using the Sole Member’s SSN for Tax Reporting)
  • Articles of Organization filed with the Secretary of State
  • Certified copy of the Business Entity Report or Annual/Biennial filing that shows proof the Entity is “Active” and in good standing with the Secretary of State
  • Any Assumed Name other than the legal business name must be registered under the business listing on the Secretary of State

LLC with multiple members

  • SS4 Form issuing the Employer Identification Number (EIN) from the IRS
  • Operating Agreement – provided to Liberty FCU by the member and should contain provisions of the management of the company, the elections of its managers and the allocation of profits and losses among its members of the LLC
  • Articles of Organization filed with the Secretary of State
  • Certified copy of the Business Entity Report or Annual/Biennial filing that shows proof the Entity is “Active” and in good standing with the Secretary of State
  • Any Assumed Name other than the legal business name must be registered under the business listing on the Secretary of State
CORPORATION:
  • SS4 Form issuing the Employer Identification Number (EIN) from the IRS.
  • Articles of Incorporation filed with the Secretary of State
  • Certified copy of the Business Entity Report or Annual/Biennial filing that shows proof the Entity is “Active” and in good standing with the Secretary of State
  • Any Assumed Name other than the legal business name must be registered under the business listing on the Secretary of State
NONPROFIT ORGANIZATION or UNINCORPORATED ASSOCIATION:
  • SS4 Form issuing the Employer Identification Number (EIN) from the IRS
  • By-Laws, Charter, Constitution, etc
  • Organizational Chart OR Meeting Minutes showing governing members and the authorized persons on the account (provided by the Member)
RECREATION or CLUB:
  • SS4 Form issuing the Employer Identification Number (EIN) from the IRS
  • SEG Letter; School Related such as Alumni/Class of XX’, PTA or Extra Curricular Booster Club. If not eligible in their own right – need MDFAA Welcome Letter & MDFAA Enrollment Letter
  • Meeting Minutes showing governing members & the authorized persons on the account (provided by the Member)
POLITICAL CAMPAIGNS:

Committee to elect (group supporting a candidate) or Candidacy for Non-Local positions

  • SS4 Form issuing the Employer Identification Number (EIN) from the IRS.
  • Proof of Filing for Candidacy

City, County or Local Candidate opening for themselves do not need any additional documentation.

Important Information About Opening a New Business Account

For our business members:

When you open a new account or apply for a new loan, you will be required to provide information about your beneficial owners. Businesses required to complete this form include a Corporation, LLC, General Partnership, or other entity that is created by the filing of a public document with a Secretary of State or similar office. Sole Proprietorships and unincorporated associations are excluded.

A Beneficial Owner is:

  • Each individual who owns 25% or more of the business.
  • One individual who has significant managerial responsibility for the business.
Why we need this information:

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

Section 326 of the USA PATRIOT Act requires that financial institutions identify and verify the identity of the beneficial owners of all legal entity customers at the time a new account is opened. The identification and verification procedures for beneficial owners are very similar to those required of each member.

When you open an account, we will ask you to identify the beneficial owners of your business and the required information listed below for each beneficial owner. We may also ask for a driver’s license or other identifying documents for each beneficial owner.

Information you will need to provide:

  • Name
  • Personal Physical Address (cannot be a PO Box)
  • Date of Birth
  • Social Security Number or Tax Identification Number

Acceptable forms of Identification:

  • Drivers License
  • State-Issued Identification Card
  • U.S. Passport
  • Permanent Resident Card

 

 

* Businesses will be required to complete a Business Due Diligence questionnaire and provide ownership information for the Beneficial Ownership form, at account opening.