A beneficial owner is someone who owns 25% or more of the business directly or indirectly.
You will also need to identify one person with significant control over the business, such as a Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, or Treasurer.
You will need to provide the full name, home address, date of birth, Social Security number and government issued identification for each beneficial owner. If a beneficial owner is not present at account opening, a copy of the identification will need to be provided with the completed beneficial owner certification form.
The form must be completed by the person opening a new business account on behalf of a legal entity. A legal entity includes a corporation, Limited Liability Company, a general partnership, or any other entity that is created by filing a public document with a Secretary of State or similar office.
The form would not need to be completed by sole proprietorships, certain unincorporated organizations and trusts or individuals opening accounts for their personal use.
You can find a fillable and printable copy of the form here.
No, Sole Proprietors, Unincorporated Associations or Organizations and Trusts are exempt from this rule.
No, if the beneficial owner cannot be there to open the account, a copy of the ID must be brought in with the beneficial owner form.