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Business Account Requirements

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When opening a business checking, savings or certificate account, all financial institutions are required to obtain information verifying your business, as well as the individuals associated with the business. 

The list below will help you determine the documents needed to open a business account with SPIRE.

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Business Account Card Including Certification of Beneficial Owner

This four-page form includes the Business Account Card and the Certification of Beneficial Owner Form.  The Certification Form is on page 4.

Complete Application Form
 

Business Documentation Checklist 

To determine if your business entity requires certification, review the checklist below.

Download Checklist
 

Business Beneficial Owner Definition

Owner: Business ownership of 25% or more
Control: has significant responsibility to control, manage or direct the legal entity

 

Unincorporated Associations

(i.e. Sports leagues)

  • SSN of one of the member (NO TIN)

 

Sole Proprietor

Full name in business name (i.e. John Smith Plumbing)

  • SSN of the owner

Name of business different from full name (i.e. John & Brothers Plumbing) and Political Campaigns

  • SSN of the owner or TIN
  • Business/DBA in Good standing verified with the MN Secretary of State website must include information of the owner.

 

Limited Liability Company (LLC)

Single Member/Owner using SSN of Owner

  • SSN of owner
  • Good standing verified with the MN Secretary of State website 
  • Beneficial Owner Certification (SPIRE form)

Single Member/Owner using EIN/TIN

  • SSN of owner or TIN
  • Good standing verified with the MN Secretary of State website must include information of one of the signers if not obtaining articles and/or Operating Agreements. If no signer's information appears on the MN Secretary of State website, then the business must provide at least one of the following: Operating Agreement or Minutes of First Written Action of Members, or Articles of Incorporation
  • Beneficial Owner Certification (SPIRE form)

Multiple Members (i.e. S-Corp, C-Corp, B-Corp) & Organized Associations or Organizations (i.e. Scouting organizations, etc.)

  • TIN/EIN
  • Good standing verified with the MN Secretary of State website must include information of one of the signers if not obtaining articles and/or Operating Agreements. If no signer's information appears on the MN Secretary of State website, then the business must provide at least one of the following: Operating Agreement/Minutes of First Written Action of Members, or Articles of Incorporation
  • Beneficial Owner Certification (SPIRE form)
  • Submit to SPIRE Deposit Services for Approval

 

Partnerships

General, Limited, Limited Liability

  • TIN
  • Partnership agreement
  • Good standing verified with the MN Secretary of State website
  • Beneficial Owner Certification (SPIRE form)
  • Submit to Deposit Services for Approval  
 

Non-Profits & Cooperatives

  • EIN
  • Articles of Organization or Bylaws
  • Operating Agreement or Minutes of First Written Action of Members
  • Good standing verified with the MN Secretary of State website
  • IRS Ruling letter of tax exemption under the IRC 501C
  • Beneficial Owner Certification
  • Submit to Business Services for Approval
 
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