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#146496 - 01/07/04 07:49 PM Beneficiaries & Business MMDA
Anonymous
Unregistered

We recently had a customer open a Business MMDA and wanted to add a beneficiary to this account. I was under the impression that if it is a sole proprietor you can add a beneficiary otherwise corporations, LLC etc. can not. Any help on this would be appreciated.

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#146497 - 01/07/04 08:31 PM Re: Beneficiaries & Business MMDA
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Your instincts are good. For all practical purposes, a sole proprietor's account is an individual account and some banks allow the naming of a beneficiary. However, a corporation, LLC or partnership is not going to "die." The concept of survivorship does not exist on those types of accounts.
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