Business Account Requirements
Thank you for choosing Redwood Credit Union
To provide you with the best service experience, we will need you to verify and provide the information and documents listed below for your business type when you are ready to open your account.
Before getting started, please be ready to identify and provide information for the Controlling Individuals, Beneficial Owners, and Authorized Signers, as defined below, if applicable to your business or business account.
- An Authorized Signer can perform transactions on the business account including deposits and withdrawals, both in person and online/electronically.
- A Beneficial Owner is anyone who owns 25% or more of the business. A Beneficial Owner often benefits from the transactions on a given account and may not be primarily responsible for the ongoing management of an account but could have some oversight.
- A Controlling Individual/Owner is anyone whose responsibility is to control, open and/or manage an account on behalf of the legally defined business—typically, a CEO, COO, or CFO. Unlike the Beneficial Owner, a Controlling Individual/Owner will be involved in the ongoing management of an account, including input or decisioning on who has access.
Get started
1. Gather ownership and operations information
All business types will need to provide the following ownership and operations information.
Ownership information
- In order to qualify for membership, the businesses’ primary operation must be in Sonoma, Marin, San Francisco, Lake, Napa, Contra Costa or Solano County.
- EIN or SSN that the business will be reporting under – depending on business type. (No proof of the EIN or SSN is needed.)
- Unexpired Fictitious Name Statement certified by the County Recorder is required only if the business operates under any other name (such as a DBA).
- For Sole Proprietorships – Only if the business name does not include the controlling individuals’ last name, or indicates ownership with a spouse or others.
- All requested personal information on Membership Application for all names to be listed, regardless of classification type, which includes:
- Legal name
- Address
- Date of birth
- Tax identification number, Social Security number, TIN or EIN
- Country of citizenship
- Ownership percentage
- Copy of unexpired government-issued identification for any Controlling Individuals and Authorized Signers only.
Business operations information
- Number of business locations
- Nature of your business
- Annual sales
- Number of employees
- Types of transactions and volumes you expect to process through the new account
2. Review and gather additional requirements by business type
Select your business type below to see the list of additional requirements. Review business type definitions here.
3. Apply online
Once you’ve gathered the required documents and information for all individuals listed above, you’re ready to begin. Complete our online application by following the link below.
Have a question?
RCU Business Services is here to answer any questions you may have. Feel free to email or call us directly. We're available Mon-Fri 8 AM to 5 PM.
Business type definitions
Sole Proprietorship
An unincorporated business which is owned by one individual or a married couple.
General Partnership
When two or more individuals enter into a partnership agreement, a partnership is established. The Controlling Individuals would be the partners. This means: There are at least 2 Controlling Individuals. The Partnership Agreement is generated by the business.
Limited Partnership or Limited Liability Partnership (LLP)
Operates as partnership. In most cases of a Limited Liability Partnership, the Controlling Individuals would be the Partners.
Limited Liability Companies (LLC)
Owners of an LLC have limited liability like shareholders of a corporation. The LLC is the Member and it may have one or more Controlling Individuals.
Corporations
A distinct legal entity that has an identity separate from its shareholders. Corporate officers act under the authority delegated to them by the corporate charter, the by-laws, the Articles of Incorporation or the Board of Directors.
Unincorporated Associations
A group of two or more persons who band together for a common purpose or goal, but without the formality of creating a corporation or partnership- (Homeowners Associations, sports teams, churches, political campaigns, etc.).
Community/Nonprofit Organizations
Tax exempt charitable org as defined by Internal Revenue Code 501c3 charitable, religious, educational, scientific, literary, testing for public safety, fostering national of international amateur sports competition, and the prevention of cruelty to children or animals- (United Way, YMCA, American Heart Associations, Big Brothers Big Sisters, etc.).
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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