Business Account Requirements

Business Membership Requirements

At Sioux Empire FCU, we’re prepared to help you with the financial needs of your business with our range of savings and checking options.

We want to make the process as efficient and enjoyable for you as we build our financial relationship together. For that reason, we ask that you take the time to review the below items before attending your membership opening appointment. Once you have compiled all required data, stop by any branch or give us a call at (605)367-7070 to schedule an appointment.

A printable copy of the requirements is provided for your convenience. Click here to open the printable copy.

Ownership structure varies among all businesses. Whether you’re a sole proprietor, a business partner, or are involved in a corporation, our business accounts are the perfect fit for you.

This means we need an employer identification number or social security number for your Business/Legal Entity.

  • Employer Identification Number (EIN) – this is required for ALL partnerships and corporations. You can complete your online application for an EIN by visiting the IRS website.
  • Social Security Number (SSN) – this is required for sole proprietorships, groups, or clubs if there is no EIN.

Certification of Beneficial Ownership requires identification documents for any individual, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, that owns 25% or more of the equity interests of the Legal Entity or Business.

Beneficial owners can provide copies of their identification documents, while original documents will be required for any person designated as a signor or given permission to conduct transactions for the membership.

Identifying Information Required:

  • Federally Registered Driver’s License (Passport Number of Country of Issuance, if a non-U.S. person)
  • Legal Name (First, Middle, Last)
  • Date of Birth
  • Address
  • Social Security Number
  • Percent of Ownership

The tiles below will help identify which documents we specifically need for your ownership structure. It is very important you review the documents needed before attending your appointment.

Sole Proprietorship

A business that has no separate existence from its
owner and is not considered a legal entity. It does not
register with the state to exist. The person who owns
the business is personally responsible for debts and
income taxes.

Documents Needed:

-Filing of Fictitious of Business Name, if applicable.
(Required if the business name/DBA does not plainly
show the true surname of each person interested in
the business.)
-Business License, if applicable.

DBA

The operating name of the company, as opposed to the legal name, when the name under which they operate
differs from the registered, legal name.

Documents Needed:

-Filing of Fictitious of Business Name, if applicable.
(Required if the business name/DBA does not plainly
show the true surname of each person interested
in the business. DBA’s must have at least one owner.)

Association/Club/Group

A group of persons banded together for a specific
purpose and should have written documentation. A
group or club may not have written documentation.

Documents Needed:

-Articles of Association or similar style document dated and signed by at least two persons.

S Corp

A small business corporation that must meet several
requirements to meet this classification; in general,
S Corps do not pay income taxes; instead the income/
losses are divided among and passed through to
shareholders. The shareholders must then report the
income/loss on their individual income tax returns.

Documents Needed:

-Articles of Incorporation
-Corporation By-Laws, if applicable
-Corporate Resolution
-Meeting minutes stating account opening instructions.
-Business License, if applicable.
-Certificate of Good Standing
from South Dakota Secretary of State

General Partnership

A business with more than one owner. All partners are
personally liable for all business debts; each partner can bind the whole business to a contract or business deal.

Documents Needed:

-Partnership Agreement
-Partnership Resolution
-Filing of Fictitious or Business Name
-Business License, if applicable

Limited Partnership

A business where at least one of the owners is
considered a “general” partner who makes decisions and
is personally liable for business debts; also has one
“limited” partner who invests money in the business
but has minimal control over decisions and operations. Limited partners are not personally liable for business debts.

Documents Needed:

-Partnership Agreement or 
-Articles of Organization
-Partnership Resolution
-Filing of Fictitious or Business Name
-Business License, if applicable.
-Certificate of Good Standing from
South Dakota Secretary of State

Limited  Liability Partnership (LLP)

Much like a limited partnership above, but has no general partner; all owners have limited personal liability for business debts.

Documents Needed:

-Partnership Agreement 
-Partnership Resolution
-Filing of Fictitious or Business Name
-Business License, if applicable.
-Certificate of Good Standing from
South Dakota Secretary of State

Trust

A legal agreement that allows an individual to create a trust agreement that transfers ownership of specified assets to the trust. A trustee is named to be responsible for managing the assets in the trust, and the beneficiary/beneficiaries are the benefactors and
receive the benefits of assets in the trust.

Documents Needed:

-Copy of properly executed (signed and dated) Trust Agreement that indicates the type of trust, the name of trustor(s), the name of a trustee(s), the name of beneficiary or beneficiaries, properly included in the trust.

Corporation for Profit

A legal entity separate from its owners; may enter into contracts, loan/borrow money, sue/be sued, hire
employees, own assets, and pay taxes. Often referred to
as a “legal person”; owners share in profits/losses but
are not personally responsible for the debt.

Documents Needed:

-Articles of Incorporation
-Corporation By-Laws, if applicable
-Corporate Resolution
-Meeting minutes stating account opening instructions
-Business License, if applicable.
-Certificate of Good Standing from
South Dakota Secretary of State

Corporation Not for Profit

A special type of corporation organized to meet specific tax-exempt purposes and formed to benefit the public, a specific group of individuals, or the membership of the nonprofit.

Documents Needed:

-Articles of Incorporation
-Corporation By-Laws, if applicable
-Corporate Resolution
-Meeting minutes stating account opening instructions
-Business License, if applicable.
-Certificate of Good Standing from
South Dakota Secretary of State

Limited Liability Corporation (LLC)

A business structure that combines the pass-through
taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Documents Needed:

-Articles of Organization
-Operating Agreement
-Partnership Resolution
-Filing of Fictitious or Business Name
-Business License, if applicable.
-Certificate of Good Standing
from South Dakota Secretary of State

Estate

For decedents who are members of our Credit Union.
The accounts are meant to be temporary and act as a
place to hold the assets and pay bills until all assets are disbursed. As estate is managed by the executor of the estate/personal representative; may use either TIN or
establish a separate EIN.

Documents Needed:

-Death Certificate of decedent
-Court papers appointing the executor or personal representative