Click on the tabs below for information on Sole Proprietorship accounts.
For business CIF requirements, click here.
For Opening a New Sole Proprietor account, click here.
Definition
A Sole proprietorship is a business owned by an individual. The individual owner and the business are considered as one person for the purposes of income taxes, contracts, and legal actions. The business name may or may not contain the legal name of the owner.
Note: An account titled with a Doing Business As (D/B/A )(for example: corporation, Limited Liability Company (LLC), partnership, sole proprietorship) can only contain one D/B/A relationship.
Pay-on-Death (POD)
A Sole proprietorship account with the individual owner using their Social Security Number (SSN) can designate POD Beneficiaries as if the account was a personal account.
This is the ONLY business entity that allows a POD designation.
DeleteRequired Documentation to Open Account
No legal documentation is required.
Tax Identification Number (TIN)
The Sole Proprietor's Social Security Number (SSN) is used for Internal Revenue Service (IRS) reporting.
The business may have a separate Employer Identification Number (EIN) for payroll purposes. The EIN may NOT be used for IRS reporting.
Account Titling
- Title the account in the name of the sole-proprietor. The client's name auto-populates in the Customer Name field.
- In the Additional Name 1 field, enter the DBA business name. (For example: D/B/A James Miller Landscaping)
Ownership / Signature Requirements
The signature card with ALL authorized signer(s) signature above his/her name in the Signatures section is required. The resolution requires ALL signatures on lines A - F. The sole proprietor MUST attest to the opening of the account by signing the bottom of the resolution.
Signature Card Example
