Prior to your Business Account appointment, please make sure you review the list of required documents to bring with you to open your business account, based on the type of business you have.
Business Account Card Including Certification of Beneficial Owner
This four-page form includes the fillable Business Account Application and the Certification of Beneficial Owner Form. The Certification Form is on page 4.
Business Documentation Checklist
To determine if your business entity requires certification, review the checklist below.
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 members (NO TIN)
Sole Proprietor
- Full name in the business name (i.e. Joe Public Painting)
- SSN of the owner
Name of business different from full name (i.e. Wendy & Wally Catering) 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 (AHCU 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's 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 (AHCU 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 (AHCU form)
Partnerships
General, Limited, Limited Liability
- TIN
- Partnership agreement
- Good standing verified with the MN Secretary of State's website
- Beneficial Owner Certification (AHCU form)
- Submit to Deposit Services for Approval
- 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's website
- IRS Ruling letter of tax exemption under the IRC 501C
- Beneficial Owner Certification
