Business Accounts

We offer savings and checking accounts for many business types, including  Club/Organization, Corporation, General Partnership, Limited Partnership, Limited Liability Corporation, and Sole Proprietorship/DBA. Funds can be used for any business-related purpose, including expanding a business, advertising, building inventory or paying expenses.

When opening any business account at LAFCU, we will ask you to provide:

  • Business Account Agreement
  • Letter from the Department of the Treasury confirming issuance of an Employee Identification Number (EIN) (sole proprietorship, if available)
  • Valid Social Security Number for each signer
  • Valid, unexpired, government-issued photo identification for each signer
  • Confirmation that you have reviewed our disclosure

Each type of business account requires the following additional information:

Club/Organization
  • Letter on company letterhead explaining the purpose of the club, naming all authorized signers and their positions
  • Fictitious Business Name Statement
Corporation
  • Certified copy of your Fictitious Business Name Statement / DBA* (required only if the corporation does business in a name other that its corporate name)
  • Filed copy of the Articles of Incorporation
  • Copy of the Corporate Minutes or a Corporate Resolution to identify the corporate officers and signers of the Corporation
General Partnership
  • Certified copy of your Fictitious Business Name Statement / DBA*
  • Copy of the Partnership Agreement identifying partners and their authority (if available)
Limited Partnership
  • Certified copy of your Fictitious Business Name Statement / DBA*
  • Copy of the Certificate of Limited Partnership (form LP-1)
Limited Liability Corporation
  • Copy of the Operating Agreement (if multiple members)
  • Copy of the Articles of Organization (form LLC-1), or copy of the Statement of Information (form LLC-12)
Sole Proprietorship/DBA
  • Certified copy of your Fictitious Business Name Statement / Business License (if applicable)

* Required if the name suggests additional owners, or if the business entity does not include the surname.