How is an entity account different from an individual account?
Titled in the business's legal name, and funded/traded under the EIN
Requires an authorized representative (an individual) to operate the account
Requires additional business documentation and beneficial-owner information during account opening
What information is collected during account opening?
Entity legal name, entity type, and EIN
Entity address and business/industry type
Authorized representative details
Beneficial owner information for individuals who own or control the entity
Supporting documents where required, such as formation documents:
Articles of organization
Operating agreement
EIN
Beneficial Ownership Information: Legal names, dates of birth, addresses, and SSNs/TINs for major owners and controlling managers.