business accounts

Business Accounts

In order to open a business account at Latah Federal Credit Union, we require a minimum balance of $100.00 in the savings account. The first checking deposit must be at least $25.00. The one-time
membership fee to join the Credit Union is $5.00. The business owner must be eligible to join the credit union. You will also need to provide proof of your identification. We ask that you bring valid
government issued picture identification such as a Drivers License AND your Social Security Card
with you when you open the account. We will need to have these documents for each signer on the
account. Additional documentation for the account is also required depending on the type of account that is right for you.

DBA (Doing Business As) & Sole Proprietorship Accounts

DBAs and sole proprietorship accounts are the simplest and most basic type of business structure, and give you the choice of either operating under your own name or under an assumed business name that you chose. In either case the documentation that we will need to open these types of accounts is the following:

• Either a Washington State Master Business License or
• Idaho Business License or
• Certificate of Assumed Business Name form filed with the State of Idaho or
a copy of your Schedule C in your last filed tax return (if the business is already established).

If using a business license, the person opening the account must be listed as the business owner.

General Partnership

A general partnership is a contract entered into by two or more people in which each agrees to furnish part of the the capital and labor for a business. At least one of the partners of the business must be eligible to join the Credit Union in order for us to open the account. We will take copies of the documentation that you provide for the partnership. The documentation that we will need to open a general partnership is as follows:

• The original partnership agreement
• The original Idaho State “Statement of Partnership Authority” listing the partners
• The original IRS document listing the EIN (Employer Identification Number) for the
partnership.

Corporate Account

A corporation is a group of people who have joined together to do business, and who have received a charter from the government which gives the people as a unit some of the legal powers and rights of an individual. A corporation has directors that are responsible for the management of the business. In order to have a corporate account at the Credit Union, at least one of the directors must be eligible to join the Credit Union, and that director must sign on the account. The business must reside in Latah county or adjacent counties. We will take copies of the documentation that you provide for the corporation. Some additional documentation is needed to open a corporate account, including the following:

• The original Corporate Resolution of Authority
• The original IRS document listing the EIN (Employer Identification Number) for the
corporation.