Limited Liability Companies (LLC)

Limited Liability Companies (LLC) Checklist

Thank you for choosing Chase. We have provided the following important information to help open your new account. We look forward to working with you.

Individuals that need to be present at account opening:

• Member Managed LLC: All Members
• Manager Managed LLC: All Managers
  • If one of the Managers or Members of the LLC is another business, an authorizing representative of that business must also be present.
  • If you would like to add an authorized signer to your account, they must also be present.

Information required to open account:

• Personal Identification:
  • Two forms of ID are required. One ID must be a Government Issued ID.
  • Primary ID Examples:
    • U.S. Citizens: State Issued Driver’s License, State Issued ID card, Passport, etc.
    • Non-U.S. Citizens:
      • Permanent Residents:
        • Permanent Resident Alien Card (Green Card), State Issued Drivers licenses, State Issued ID card, Passport, etc.
      • Non-Permanent Residents:
        • Passport, Matricula, or U.S. Employment Authorization Card
    • Secondary ID Examples:
      • Credit Card/Debit Card with embossed name, Employer ID, Utility Bill, etc.
• Tax Identification Number:
  
  • An Employer Identification Number (EIN) is required.
    • Single Member LLCs may use their SSN or ITIN
    • Individual Taxpayer Identification Number (ITIN) may be used for Non-U.S. Citizen
• Business Documentation — Varies based on the State of Organization.
  • Certified Articles of Organization (Certificate of Formation) - filed with state agency
  • Website Validation
  • Active Status Verification - Limited Liability Companies registered more than 1 year ago also require one of the following: Certificate of Good Standing, Status Report, OR Long Form or Short Form Standing
  • Assumed Name Certificate
  • Note: If your business is organized in another state, but operates in the state in which the account is opened, documentation is required to certify that the business is entitled to operate in the state in which the business address is located.
    • Business Documentation from the state the business is organized in, and
    • Foreign Registration or Certification from the state the account is being opened in.
• Assumed Name Certificate – May be required if your business is operating with a DBA (doing business as). For example: Jones Paint Supply LLC DBA Jones Professional Painting LLC
  • Not required in AK, AL, HI, KS, MS, NM, SC, TN, WI, and WY
  • Note: Assumed Name Certificates may also be referred to as: Trade Name Certificate, Fictitious Business Name Statement, or DBA.

The following documentation may also be required:

• Supplemental Documentation listing the current members or managers of the LLC (one of the following):
  • Certified amendment to the Articles of Organization or Certificate of Formation
    • Operating Agreement
    • Meeting Minutes
    • Annual Report or Statement of Information

All Owners/Members With 10% Or More Ownership:

• Manager and Member Managed LLCs
  • Legal First Name and Last Name
  • Legal Business Name – only used when an owner of the LLC is another entity/trust.
  • Residential Address – (Business Address when the owner of the LLC is a business)
  • Percentage of ownership
  • Date of Birth
  • Tax Identification Number (e.g. SSN, ITIN, FTIN)
  • Country of Citizenship
  • Non-U.S. Citizen without a Permanent Resident Alien Card (Green Card) only: provide identification information from either Passport or Matricula Consular Card (i.e., ID number, issuance, expiration date). The physical ID is not required to be shown for those individuals who do not need to be present.
  • Note: If applying for a Business Credit Card or Safe Deposit Box it is required to collect the above information for those owners with 25% or more ownership.

Additional information that will be requested at account opening:

• The business address
• Phone number
• Number of business locations
• Where products and services are sold
• Location of suppliers and vendors
• The nature of your business
• Annual sales
• Number of employees
• Types of transactions and volumes you expect to process through the new account

The following is needed if you would like to provide limited access to authorized employees (non-signers) to transact on behalf of your business using an employee card. Employee does not need to be present.

• Full name as it appears on the employee’s Government issued ID
• Employee’s residential address
• Employee’s date of birth

Your satisfaction is our number one priority. If you have any questions regarding this information or anything regarding your new account, please contact your local Chase Business Specialist. Thank you again for choosing Chase.