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Latest Compliance - Sole Proprietorship Topics

Sole Prop Using Personal Joint for Business

10/06/2019

What are your thoughts on a sole proprietor using a personal joint account for business transactions? Merchant deposits and payments are going in and out of the account (less than 15 transactions a month). We have insisted that our customer open a business account for his sole proprietorship. Is it wrong for us to require it?

Converting Partnership to Sole Proprietorship

06/17/2018

One of our customers has approached us and asked that we convert his partnership account to a sole proprietorship account. Can he operate the same account as sole proprietorship or does he need to open a new bank account?

Consumer doing Business from Home-DBA Required?

09/24/2017

I thought if a bank found out a consumer was doing business from home, it was the banks responsibility to require they have a ​DBA. For instance; we have a consumer that deals in junk cars and scraps the metal. He brings in checks from scrap yards on a weekly basis made to him personally however we know that is how he makes a living. What is the ruling on that? Is there a reg that discusses ​this type of customers??

Consumer doing Business from Home-DBA Required?

06/11/2017

I thought if a bank found out a consumer was doing business from home, it was the banks responsibility to require they have a ​DBA. For instance; we have a consumer that deals in junk cars and scraps the metal. He brings in checks from scrap yards on a weekly basis made to him personally however we know that is how he makes a living. What is the ruling on that? Is there a reg that discusses ​this type of customers??

Documents When Sole Proprietor Dies

03/31/2014

What documents are needed when the sole proprietor dies? Can the husband take over the business? Will he need to go file for a new assumed name certificate?

Sole Proprietorship with Fictitious Name Certificate

12/03/2012

If a customer has a sole proprietorship along with a Fictitious name certificate, does the account still need to include their full name? Example: John Doe is the sole prop. He has a certificate to do business as Doe Technologies. Can the account be titled Doe Technologies or must it be titled John Doe DBA Doe Technologies?

Sole Proprietor CTR-Use TIN or SSN#?

11/05/2012

When filing a CTR on a sole proprietorship where the owner has a separate TIN for the business, which do we supply on the CTR- the SSN for the sole proprietor or the TIN?

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Most Popular Compliance Content

Is Disclaimer of Oral Agreements for required?

03/30/2025

Does a Disclaimer of Oral Agreements requirement apply to consumer revolving line of credit loans? I know if the loan amount is over $50K you must give this notice; however, my vendor's loan origination system is not prompting this document. I believe it doesn't apply for a consumer open end credit loan.

A debit card, a Cash App account, and a stolen phone

03/30/2025

We have a customer who gave her grandson (who is not on her account) permission to put her debit card on the grandson's Cash App account. There have been transfers from our customer's account by debit card, to the Cash App account that is in the grandson's name. They claim the grandson's phone was stolen and that the transfers were made by the person who stole the phone, not the grandson who was given authority to use the card. Where would the liability fall since the transfers went to an account in the name of a person who was given authority to use the debit card, but that person claims it was theft?

Authorized signers and multi-account signature card

03/23/2025

Currently, when a customer comes into the bank and wants to add an agent/attorney-in-fact under a power of attorney to their accounts, we print a signature card for each account and have the principal (if able) and agent sign the signature card(s). Whether there is one account or 20. However, we are talking about possibly using one signature card for all accounts. Can we just list each of the different account numbers on one signature card and use the one signature card for allaccounts?

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