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Business Account Training 2007

Business Account Training 2007. AGENDA. The WHY Why Business Accounts are important To E&A To the Member The WHAT What are E&A Business Account Options Business Accounts defined The HOW How we open business accounts at E&A Activities so you can try it!.

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Business Account Training 2007

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  1. Business Account Training 2007

  2. AGENDA • The WHY • Why Business Accounts are important • To E&A • To the Member • The WHAT • What are E&A Business Account Options • Business Accounts defined • The HOW • How we open business accounts at E&A • Activities so you can try it!

  3. Why are business accounts important for E&A? • Business Accounts allow E&A to: • Increase share growth • Expand our business into new areas • Increase exposure in the market • Increase profitability for membership

  4. Why are business accounts important for the members? • Option for the small business • Better Service • Better Options • Better Prices Think about why any member comes to E&A The same for a business!! Getting the best WOW experience created by excellent service & products!

  5. Why business accounts are important for E&A? • Future Planning: Business Account Options – Various Depository Accounts: Checking Savings Financial Bridges Services: Telephone Services Online Services Merchant Services and more………

  6. Why business accounts are important to E&A? • Objectives: Business Account and Commercial Lending Penetration: We want to appeal to all business types; new, established, large. The Sky Is The Limit!

  7. What are E&A business account options? • Sole Proprietorship • Partnerships • Limited Partnerships • LLC • PLLC • Corporations • Unincorporated Organization or Association Go to http://www.michigan.gov/cis/0,1607,7-154-35299_35413---,00.html for more business resources

  8. What are E&A business account options? Sole Proprietorship (aka DBA, Doing Business As): Definition: “One owner” The sole owner assumes all responsibilities for the business. Liability: Owner is 100% liable for assets and liabilities. TIN: Business may operate with a EIN number or their social security number.

  9. What are E&A business account options? General Partnerships: Definition: “Two or more owners.” All owners share all responsibilities for the business. Liability: Owners have unlimited liability. TIN: Business will operate with a EIN number.

  10. What are E&A business account options? Limited Partnerships: Definition: A legal entity which includes a general partner and one or more limited partners. Limited partners invest money in to the partnership however, they do not participate in the daily operations of the business. Liability: * General Partner has unlimited liability. * Limited Partners limit their amount of liability to the amount of capital invested into the partnership. TIN: Business will operate with a EIN number.

  11. What are E&A business account options? LLC (Limited Liability Company): Definition: “One or more members” This is a separate legal entity that combines the limited liability advantage of a corporation with the tax status of a DBA or partnership. Liability: Limited TIN: Business will operate with a EIN number.

  12. What are E&A business account options? PLLC (Professional Limited Liability Company): Definition: Same as LLC, however, this legal entity is used by professionals such as physicians, lawyers, etc. Liability: Limited TIN: Business will operate with a EIN number.

  13. What are E&A business account options? Corporations: Definition: “Stockholders are owners” A legal entity that is the most structured and formal. Liability: Limited to the amount owners have paid into their shares of stock. TIN: Business will operate with a EIN number.

  14. What are E&A business account options? Unincorporated Organization or Association: Definition: Any non – profit organization such as bowling league, Girl Scouts, etc. Liability: Not applicable TIN: Entity may operate with EIN only. If operates with a SSN it is a General Membership with Regular Share and Velocity or Launch checking NOT a Business Membership with Organizational Share and Checking

  15. What are E&A business account options? EIN vs. SSN vs. TIN (EIN) Employer Identification Number – a nine-digit number that the IRS assigns to business entities. (SSN) Social Security Number – a nine-digit number that the IRS assigns to individuals. (TIN) Taxpayer Identification Number – a nine-digit number that the IRS assigns to business entities and/or individuals. Go to https://sa2.www4.irs.gov/sa_vign/newFormSS4.do to apply for an EIN!

  16. Now it is time to review the various types of business documentation you may come across!!!!

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