Entity

Accounts/Entity

Select from a variety of entity accounts, including a limited partnership, general partnership, corporate, trust, limited liability, and sole proprietorship.


Learn about the different entity accounts below, then open your account today

Trust

A Trust account is a legal entity created by a grantor, and administered by the trustee(s), for the benefit of designated beneficiaries and evidenced by a written document called the trust agreement. Trusts are governed by state law. Accounts opened by a trust must be in the name of the trust.

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Corporation

A corporate account is owned by a corporation, which is typically managed by a duly appointed officer or officers. The account must be in the full, legal name of the corporation as outlined in its articles or certificate of incorporation. Corporations are governed by state law.

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General Partnership

A General Partnership account is held by a partnership and is usually overseen by one or more general partners. The account should bear the complete name of the partnership, in accordance with the provisions laid out in the formal partnership agreement, as well as any fictitious name registration or general partnership certificate. State laws regulate the operations of general partnerships.

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Limited Partnership

A limited partnership is comprised of one or more general partners, tasked with the management and operation of the partnership, and one or more limited partners, holding passive interests in the limited partnership akin to shareholders in a corporation. The account should be registered under the complete partnership name, in accordance with the terms specified in the written partnership agreement and the certificate of limited partnership. State laws govern the functioning of limited partnerships.

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Limited Liability Company

A limited liability company (LLC) is typically managed by one or more managing members (or managers) and typically has other passive members (in the nature of limited partners). The account must be in the full, legal name of the limited liability company as outlined in the articles or certificate of organization. Limited liability companies are governed by state law.

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Sole Proprietorship

A sole proprietorship account is possessed by a single individual and operates under a business name. A sole proprietorship has no separate legal entity; it is essentially an individual owning the entire business. The account should be registered in the individual's name, along with the phrase "doing business as" followed by the business name.

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