What is Beneficial Ownership?
Knowing what documents you need to open a new business banking account can be confusing. They can change based on the type of business you have and your location. The information below gives you a better understanding of what you should bring to the bank.
One of the most important concepts is defining a “beneficial owner.” A beneficial owner is an individual who owns or controls the entity doing business with Midland. Federal regulation requires financial institutions to obtain, verify, and record information about the beneficial owner, including but not limited to name, Social Security number (SSN), address, date of birth, and photo identification.
Note: Required documents may vary by state and business location.
Note: Documents must have proof of filing with state or county.
Note: Documents must have proof of filing with state or county.
Note: Documents must have proof of filing with state or county.
Note: Documents must have proof of filing with state or county. If you need a Corporation Resolution to complete the application, we’ll email you the necessary documents after you complete and submit the application.
Nonprofit Organizations: Please include an IRS ruling.
Note: Documents must have proof of filing with state or county. If you need a Professional Corporation Resolution to complete this application, we’ll email you the necessary documents after you complete and submit the application.
Note: If you need an Unincorporated Association Resolution to complete this application, please contact your local branch.
Note: Documents must have proof of filing with state or county.
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