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Business Accounts

Better Understanding. Better Banking.

Knowing which documents you need to open a new business account can be confusing. They can change based on the type of business you have and where you are located. This information is designed to give you a better understanding of what you will need to bring with you to the bank. 

One of the most important concepts is the definition of a “beneficial owner.” A beneficial owner is an individual who owns or controls the entity doing business with Midland States Bank. Federal regulation requires financial institutions to obtain, verify and record information about the Beneficial Owner, including but not limited to-name, SSN#, address, DOB, and photo identification.

FAQs on Requirements

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Beneficial Owner Qualifications

The following individuals are considered Beneficial Owners:

  • Each individual who, directly or indirectly, owns 25% or more of the equity interests of an entity. Note: A social security number is required for each individual with 25% or more ownership. This includes the Beneficial Owner and Control Owner. 
  • One individual with significant responsibility for controlling or managing the entity, for example the senior executive officer, senior manager, etc.
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Information Needed By All Beneficial Owners

The following is a partial list of information needed by all Beneficial Owners:

  • Business tax ID 
  • Date business was formed 
  • Country and state of legal formation (formed in U.S. to apply online) 
  • Country and state of primary business operation (must be a U.S.-operating business) 
  • Legal business name and DBA (“doing business as”) name, if applicable

Note: Required documents may vary based on the state of organization.

Required Documents By Type of Business/Organization

 

The documents you bring to the bank also change based on the type of business you have.

See below for details.

 

Sole Proprietor

  • Personal information about the business owner and controlling manager. 

 

Additional documents you will need:

  • Business name filing document, or
  • Business license (if a business name filing document was not filed)

Documents must have proof of filing from the state or county.

 

Limited Partnership

  • Personal information about the business owner and controlling manager. 

 

Additional documents you may need:

  • Most recent certificate of limited partnership
  • Contract of partnership
  • Certificate of Registration

 

General Partnership

  • Personal information about the business owner and controlling manager.

 

Additional documents you will need:

  • Current business name filing document such as fictitious name, certificate of trade or assumed name certificate 
  • Partnership agreement showing business name and name(s) of partner(s) Documents must have proof of filing from the state or county.
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Corporation

  • Personal information about the business owner and controlling manager. 

 

Additional documents you may need:

  • Current articles (or certificates) of incorporation (must have proof of filing with state or county)

 

If you need a Corporation Resolution to complete this application, we’ll email you the necessary documents after you complete and submit the application.

 

Nonprofit Organizations: 

Please include an IRS ruling

Professional Corporation 

  • Personal information about the business owner and controlling manager. 

 

Additional documents you may need: 

  • Current articles (or certificates) of incorporation (must have proof of filing with state or county) 

 

If you need a Professional Corporation Resolution to complete this application, we’ll email you the necessary documents after you complete and submit the application. 

 

  • DBA certificate

Unincorporated Association 

  • Personal information about the business owner and controlling manager. 

 

Additional documents to send us: 

  • Organizing document, such as articles of organization or bylaws 

 

If you need an Unincorporated Association Resolution to complete this application, please contact your local branch. 

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Professional Association 

Additional documents to bring with you: 

  • Organizing document, such as articles of organization or bylaws (must have proof of filing with state or county) 
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