Limited Liability Companies (LLC)

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 be present.
• If you would like to add authorized signers to the account, they must also be present.

Information Required to Open Account

Personal Identification – Two forms of ID are required. One must be a government-issued ID.

• Primary ID examples

• U.S. citizens: State-issued driver's license, state-issued ID card, passport, or military or government ID.
• Non-U.S. citizens: Permanent residents must provide their Permanent Resident Card (Green Card). Non-U.S. citizens who do not have a Permanent Resident Card must provide their passport or government-issued visa.

• Secondary ID Examples: employer ID, utility bill, Social Security Card, student ID, Medicaid/Medicare card, etc.

Txpayer Identification Number – An Employer Identification Number (EIN) is required.

• Single Member LLCs may use their SSN or Individual Taxpayer Identification Number (ITIN).
• Individual Taxpayer Identification Number (ITIN) may be used for non-U.S. citizens.

Business Documentation

• Operating Agreement
• Certified Articles of Organizations (Certificate of Formation)
• Certificate of Good Standing with the State of Mississippi
• LLC Banking Resolution
• If your business is organized in another state, but operates in the State of Mississippi, documentation from both states will be required.
  • Business documentation from the state the business is organized in, and
  • Certificate of Authority from the Mississippi Secretary of State.

Fictitious Name Certificate – may be required if your business is operating with a DBA (doing business as). For example: Jim Jones DBA Jones Professional Painting. Although DBA/fictitious names are not required to be filed in the State of Mississippi, it is highly recommended that a business do so. The filing will verify that no other business is currently utilizing the DBA/fictitious name, and it will register your business's use of the name.

Owners/Members With 25% or More Ownership

Manger Managed LLCs only:

• Full name as it appears on government-issued ID
• Legal business name and tax ID number – used only when an owner of the LLC is another entity/trust.
• Residential address – business address required only if owner is a business entity
• Percentage of ownership

Individuals Holding Key Roles in the Corporation

Including Senior Managers, Board of Directors members, or anyone else that has influence over the company.

• Full name as it appears on government-issued ID
• Residential address

Additional Information That Will Be Requested at Account Opening

• Business address
• Phone number
• Number of business locations
• Locations where products and services are sold
• Nature of your business
• Annual sales
• Number of employees
• Types of transactions and volumes you expect to process through the new account