Get Started

Eligibility – At least one business owner must first have their own personal account established with the Credit Union before opening a business account. Not a member yet? Joining is easy. Join now!

Requirements

• Valid Government Issued Photo ID for all signers and any beneficial owners.
• Must be at least 18 years
• Required documentation

Required Questionnaire:

New Member Business Account Worksheet

Please use the list below to determine the documentation required to open your Industrial Federal Credit Union Business Account.

• SOLE PROPRIETORSHIP ACCOUNTS - A sole proprietorship is a business in which one person owns all the assets, owes all the liabilities, and operates in their own personal capacity.
  
  Required documents to open account
  • Federal Tax ID Number
    • If SSN – Social Security Card
    • If EIN – EIN Verification Letter
  • Certificate of Assumed Business Name
• PARTNERSHIP ACCOUNTS - A partnership is a voluntary association of two or more persons who jointly own and carry on a business for profit.
  • EIN Verification Letter
  • Copy of Partnership Agreement
• LIMITED PARTNERSHIP ACCOUNTS - A limited partnership exists if the partnership consists of one or more persons who control the business and are personally liable for the partnership’s debts (general partners), and one or more persons who contribute capital and share profits but who cannot manage that business and are liable only for the amount of their contribution (limited partners).
  • EIN Verification Letter
  • Copy of Partnership Agreement
• LIMITED LIABILITY PARTNERSHIP (LLP) ACCOUNTS - A limited liability partnership exists when a partner is not liable for a negligent act committed by another partner or by an employee not under the partner’s supervision.
  • EIN Verification Letter
  • Copy of Partnership Agreement
• LIMITED LIABILITY COMPANY (LLC) ACCOUNTS - A limited liability company is a company statutorily authorized in certain states that is characterized by limited liability, management by members or managers, and limitation on ownership transfers.
  • EIN Verification Letter
  • Copy of Bylaws
• CORPORATION ACCOUNTS - A corporation is an entity (usually a business) having authority under the law to act independently and distinct from the shareholders who own it and having rights to issue stock and exist indefinitely.
  • EIN Verification Letter
  • Copy of Bylaws
• NON-PROFIT CORPORATION ACCOUNTS - A non-profit corporation is a corporation that does not issue shares of stock as evidence of ownership but instead is owned by its members in accordance with a charter or agreement.
  • EIN Verification Letter
  • Copy of Bylaws or Meeting Minutes Authorizing Opening of Account
• UNINCORPORATED NON-PROFIT ASSOCIATION ACCOUNTS - An unincorporated non-profit association is a gathering of people for a common purpose that is not a legal entity separate from the persons who compose it.
  • EIN Verification Letter
  • Copy of Bylaws or Meeting Minutes Authorizing Opening of Account

ACCOUNT OWNERSHIP. Business Accounts will only be opened by the Credit Union if any documentation We may request and that is subsequently presented by You to the Credit Union is in a manner acceptable to Our policies. The ownership status and titling of Your Account is determined by the legal structure of the business establishing such Account and will fall into one of the following categories. It is Your responsibility to determine and understand any legal effects related to this type of Account.