Business Account Requirements

Ready to Open a New Business Account? Here's what you will need.

At United Southern Bank, we understand that your time is valuable. We aim to make the process of account opening as efficient as possible. The list of information provided below is what you will need to complete documentation for a new deposit account. Preparing this information in advance will help facilitate a smooth account opening experience.

All Entities

Personal identification is required for all account signers and, when applicable, all beneficial owners and the designated control person(s). For more information about Beneficial Ownership requirements, please see the excerpt below.¹

Identification requirements for each individual include:

• Legal name (as it appears on tax records)
• Physical address
• Contact information (phone number and email address)
• Employer and occupation
• Tax identification number
• A color copy of one acceptable, unexpired government-issued photo ID

Individuals who do not have a Tax Identification Number (TIN) or a state-issued driver's license must provide a second form of photo identification, as well as proof of physical address.

Sole Proprietorship/DBA

Your business's trade name or fictitious name (DBA) must be registered and active with Sunbiz². An Employer Identification Number (EIN) is also required when applicable.

A sole proprietor may authorize additional account signers and may designate one or more beneficiaries³ for the deposit account.

Limited Liability Company (LLC)

You will need to the Tax Identification Number (TIN) of the LLC. The status of the business must be active with Sunbiz and at least one member/manager of the company listed as an authorized person on Sunbiz must be present at account opening.

Partnership

You will need the Tax Identification Number (TIN) of the Partnership. The status of the business must be active with Sunbiz. One partner listed as an authorized person on Sunbiz must be present at account opening.

Corporation (For & Not-For-Profit)

You will need the Tax Identification Number (TIN) of the Partnership. The status of the business must be active with Sunbiz. At least one of the individuals listed as an officer/director/authorized person on Sunbiz must be present at account opening. Regardless of signature authority for a deposit account, the secretary of the corporation is required to sign the bank’s resolution acknowledging powers granted to each signer as it relates to the business.

Not-For-Profit Organization

You will need the Tax Identification Number (TIN) of the organization and a copy of meeting minutes signed by the organization's secretary that states the organization’s intent to open a deposit account with United Southern Bank outlining who the designated signers will be.

Ready to Start Banking with USB?

¹ Each time an account is opened for a covered Legal Entity, the Bank Secrecy Act requires us to ask you for identifying information (name, address, date of birth, tax identification number), as well as identification documentation for each individual that has 25 percent or more Beneficial Ownership in the Legal Entity; and, one individual that has Significant Managerial Control of the Legal Entity. If you are opening an account on behalf of a Legal Entity, you will be required to provide name, date of birth, Tax Identifica­tion Number, and address. For foreign owners, you also may be asked to provide a copy of the owner's passport and certify that all information is true and accurate to the best of your knowledge.

² Since a sole proprietorship is not a separate legal entity from its owner, bank accounts are considered the personal property of the sole proprietor as an individual, therefore he/she is able to appoint a beneficiary designation.

³ Sunbiz is the online portal managed by the Florida Department of State, Division of Corporations, and it serves as the official business registry for the State of Florida.