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Understanding Business Accounts
A businessperson can open three types of accounts at Sunrise Credit Union: a Corporation, a General Partnership, or a Sole-Proprietorship.
Depending on your organization, different types and levels of documentation are required by law so that we can open your membership and account.
One or more persons creates a company and files corporation documentation with the Provincial Companies Office. The Corporation is considered a separate legal entity and taxed as such. The Corporation is the account owner. There may or may not be doing business as a name, and there are signers designated by a resolution.
Sunrise will require:
- Signatures on our account opening documentation.
- Two pieces of identification for each officer and signer.
- Articles of Incorporation.
- Certificate of last Annual Return or Certificate of Status – newly incorporated companies will not have this until after their first-anniversary date.
- The nine-digit business number with CRA.
- Articles of Amendment – if applicable – confirm a change of formal legal name.
- Copy of Registered Trade name registered with the Manitoba Companies Office– if applicable – confirms any registered trade name used besides the formal legal name. If the member wants to accept cheques in any other name besides the Corporation's legal name, it is required.
- Shareholder Register – confirms owners.
- Directors Register – confirms directors and officers.
- Copy of Corporate Minutes – verifies signing authority on the Sunrise Credit Union accounts for non-profit organizations, non-share corporations, complex corporate structures, etc.
- A copy of any Power of Attorney documentation, if applicable.
A general partnership is an unincorporated business carried on by two or more individuals. There will be two or more account owners. The business may be operating under a name, and this name must be registered with the Manitoba Companies Office. A partnership agreement may be written or oral. When granting someone outside the partnership the authority to sign on behalf of the partnership, the partners must sign a Power of Attorney.
Sunrise will require:
- Signatures on our account opening documentation.
- Two pieces of identification for each partner.
- A copy of the Partnership Agreement, if the agreement is in writing.
- A copy of the Name Registration with the Manitoba Companies Office is required.
- A copy of any Power of Attorney documentation, if applicable.
A Sole Proprietorship is an unincorporated business carried on by an individual.You will be the sole account owner. You may use a doing business as a name. If you wish to giveanother person signing authority on this account, you must do so under a Power of Attorneydocument.Sunrise will require:
- Signatures on our account opening documentation.
- Two pieces of identification.
- If the doing business name is not in the sole proprietor's surname, a copy of the name
- registered with the Manitoba Companies Office is required.
- A copy of any Power of Attorney documentation, if applicable.
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