From the course: Banking Basics: What Every Business Leader Must Know
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The business documents your bank will need
From the course: Banking Basics: What Every Business Leader Must Know
The business documents your bank will need
- When you ask for a loan or want to open an account, you need to know what paperwork to provide. So let's talk about that. Banking is highly regulated. You have to prove who you are, who your company is, and that you're authorized to do business. What bankers collect is as much for your protection as theirs. What you're most likely to be asked for includes the following, identification, depending on your incorporated status, that may be an employee identification number or EIN, Social Security number or SSN, or an international taxpayer identification number or ITIN. Typically, corporations will use EINs and sole proprietorships will use SSNs. Next are formation documents that prove you're legally able to do business, and who can make decisions for the company plus much more. These might include articles of incorporation, bylaws, partnership agreements, or an operating agreement depends on the type of business you have.…
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