We serve the following entities of business services. To apply for business accounts and loans with Xceed Federal Credit Union, please make sure you have the following documents. Copies of these documents are permitted.

"Certified" copies reflect the appropriate state or county proof of filing usually in the upper right corner.

Sole Proprietorship
What is this?

• Current Business license
  
• Current certified Fictitious Name Statement, if applicable
  
• IRS EIN Certification Letter, if applicable

General Partnership
What is this?

• Current Business license
  
• Current certified Fictitious Name Statement, if applicable
  
• IRS EIN Certification Letter, if applicable
• Executed partnership agreement indicating who is authorized to open accounts and transact business on behalf of the partnership.
• Certified Statement of Partnership Authority (Form GP-1)
  

Limited Partnership
What is this?

• Current Business license
  
• Current certified Fictitious Name Statement, if applicable
  
• IRS EIN Certification Letter, if applicable
  
• Executed partnership agreement indicating who is authorized to open accounts and transact business on behalf of the partnership.
  
• Certified Certificate of Limited Partnership (Form LP-1)
  

Limited Liability Partnership
What is this?

• Current Business license
  
• Current certified Fictitious Name Statement, if applicable
  
• IRS EIN Certification Letter, if applicable
  
• Executed partnership agreement indicating who is authorized to open accounts and transact business on behalf of the partnership.
  
• Certified LLP Registration (Form LLP-1)

Corporation
What is this?

• Current Business license
  
• Current certified Fictitious Name Statement, if applicable
  
• IRS EIN Certification Letter, if applicable
  
• IRS tax-exempt status certification letter, if non-profit corp.
  
• Certified Articles of Incorporation
• Certified certificate of good standing
• Corporate By-Laws
• Executed Corporate Board Resolution Indicating who is authorized to open bank accounts, sign documents, and transact business on behalf of the corporations.

Business Trust
What is this?

• Current Business license
  
• Current certified Fictitious Name Statement, if applicable
  
• IRS EIN Certification Letter, if applicable
  
• Executed trust indicating who is authorized to open bank accounts, sign documents, and transact business on behalf of the trust.
  

Unincorporated Organization or Association
What is this?

• Executed Board Resolution or Minutes indicating who is authorized to open bank accounts, sign documents, and transact business on behalf of the organization.
  
• Charter of By-Laws or governing rules
  

Limited Liability Company (LLC)
What is this?

• Current Business license
  
• Current certified Fictitious Name Statement, if applicable
  
• IRS EIN Certification Letter, if applicable
  
• Executed partnership agreement indicating who is authorized to open accounts and transact business on behalf of the partnership.
  
• Certified LLC Registration (Form LLC-1)

Sole Proprietorship
A business owned and operated by one person is a Sole Proprietorship. For tax reporting purposes, a sole proprietor and his or her business are one entity. Simply put, business profits are reported and taxed on the owners’ personal tax return. Establishing this type of business is relatively easy and affordable, as very few legal documents are required to be filed. Once you file a fictitious name statement and obtain any required tax permits and business licenses, you are officially in business! Keep in mind that with this arrangement, you as the sole business owner are personally liable for any and all business debts.

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General Partnership
When one or more people join to own and manage a business, it’s considered a general partnership. Similar to a Sole Proprietorship, each owner is personally liable for all business debts, and profits are reported on personal income returns, not through the business. In forming a General Partnership, each partner typically contributes funds, property or labor in exchange for a share of the partnership. Along with the necessary forms to establish the business, it is a very good idea to have a written partnership agreement that defines ownership percentages, how profits and losses are distributed between partners, and decisions that govern the business should a partner die or wish to leave the partnership.

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Limited Partnership
With a Limited Partnership, one or more of the limited partners have limited personal liability for business debts while general partners have unlimited personal liability. Typically, general partners are the ones who run the business, while limited partners may only be investors who are not tasked with making day-to-day business decisions. In fact, limited partners who make business decisions run the risk of being considered as general partners with unlimited personal liability.

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Limited Liability Partnership
Similar to a Limited Partnership, a Limited Liability Partnership (LLP) is a business partnership between 2 or more people that is legally recognized in a majority of states as protection for a partner from unlimited personal liability for negligent or unlawful acts committed by other partners or by employees not under his or her direct control. Because of its design, many states restrict this type of partnership to professionals such as lawyers and healthcare providers.

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Corporation
A Corporation is legally authorized by state law to exist as a separate entity from its owners. It can be established to operate as either a for-profit or nonprofit organization. One of the main advantages of incorporating a business is that a corporation’s owners (usually shareholders or stockholders) are legally protected from personal liability for the business debts. Setting up a corporation takes far more effort than a partnership, including the filing of a number of required state and IRS forms.

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Business Trust
With a Business Trust, the business’ trustees are given legal title to both the Business Trust assets and the power to manage the business for the advantage of its beneficiaries. The profits and/or losses from business management are shared proportionally by the beneficiaries according to their individual interests in the Business Trust. Furthermore, because a Business Trust is treated as a legal entity by tax authorities, it must have a business purpose and must function as a business.

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Unincorporated Organization or Association
An Unincorporated Organization is one formed by a group of people. This type of organization is typically for clubs, as well as religious, charitable and education entities. Usual characteristics include perpetual life, limited liability, and free transferability of management roles and interests. Unlike a corporation or partnership, an association is not a legal entity. However, the law may treat associations like a corporation if it has been operating in a corporate manner. For example, if it has shareholders.

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Limited Liability Company (LLC)
An LLC is similar to a Limited Liability Partnership in that its owners have the advantage of limited liability for business debts. Business profits are passed from the business to be reported and taxed on personal income tax returns. An LLC has the advantage of both the limited liability protection of a corporation and the operating profit taxation of a partnership. An LLC cannot however, be owned by a single individual.

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