You are sitting quietly at your desk catching up on paperwork and in walks a customer to open an LLC. When you begin looking at the foot high stack of paperwork, you realize that this LLC has multiple members but that the members of the LLC are actually irrevocable trust accounts. A thought goes through your mind that "we are not in Kansas anymore" and you begin to dig in to the documents. You are not alone. Whether you institution is small or whether your institution is large we are looking at some very complex documents of companies that go across state lines. In this program, we will develop a system of thought and procedure to assist you in tackling these complicated but interesting companies and keep you in compliance with your back of the house operations.
What You Will Learn:
- How to build a document pyramid to help get from the bottom to the top of the paperwork
- How to trail through the authority in the documents to find who is in charge and who can sign
- What to do if the business operates in more than one state
- What does it mean for an LLC to disregard its business for tax purposes
- Limited Liability companies that are single member, multiple member and husband and wife in community property states
- What to do when a business is sold, changes its name, changes its type
- How and when to set up a d/b/a as opposed to a disregarded entity
- Agents, escrows, 1031 Exchange Accounts
Who Should Attend?
New Accounts Representatives, personnel that handle commercial accounts, training, compliance, branch operations, branch managers and anyone that opens deposit accounts for businesses.
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