BUSINESSTYPES
Start
Who are our members?
I'm Robert Dowler and am growing my lawn mowing business. I mow, weed eat, edge, and prune. Then, I put before-and-after videos on all the social media platforms to make more money. Once a month, I will mow a yard for free if I get to post about it.
Next
Back
Sole
Proprietorships
Owned by one person, but can have employees
Common for small businesses andeasy to register
Can use either an SSN or an EIN
Title
Title
Title
Ownership
Features
TIN
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Subtitle
Subtitle
Subtitle
Ownership and Control Prongs
Will often have DBA (Doing Business As)
Since there is only one owner, both prongs will be that person.
Opening with SSN
Title
Title
Title
Naming
Documents
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Example
Opening with EIN
Subtitle
Subtitle
Subtitle
Next
Back
Who are our members?
Maria Lucia and I own a car mechanic shop in Woodland Park. We have three more employees in our three-car garage. We specialize in Jeeps because so many people break down when they come up to the mountains for rock crawling.
Next
Back
Limited Liability
Corporations
Protects owners from personal responsibility for debts and liabilities;owners referred to as members or managers
SSN (single owner)EIN (multiple owners or if owner chooses instead EIN of SSN)
Owned by one or more people
Title
Title
Title
Ownership
Features
TIN
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Subtitle
Subtitle
Subtitle
Ownership and Control Prongs
Will often have DBA (Doing Business As); must have LLC in title
SSN - Signed letterEIN - Operating agreement with percentages
Opening with SSN
Title
Title
Title
Naming
Documents
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Opening with EIN
Subtitle
Subtitle
Subtitle
Next
Back
Let's Review!
Next
Back
Who are our members?
ClearLedger Solutions, Inc. is a accounting firm that delivers accurate, transparent, and timely financial services. We support businesses with bookkeeping, tax preparation, payroll, and financial reporting, helping clients stay compliant and make confident, data-driven decisions.
Next
Back
For-Profit
Corporations
Owned by stockholders who elect a board of directors
Treated as a single legal entity; owners can be titled as board members
Title
Title
Title
Ownership
Features
TIN
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Always an EIN
Subtitle
Subtitle
Subtitle
Ownership and Control Prongs
The name must include corporation terminology (ie: Company or Co.)
Bylaws and board resolution or meeting minutes
Title
Title
Title
Naming
Documents
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Opening with EIN
Subtitle
Subtitle
Subtitle
Next
Back
Who are our members?
We are Gordan Lancaster and Courtney Vance from the Brighton Youth Baseball Association, a non-profit. We run recreational and competitive leagues for youths ages 4-18 in our area. Now that you have opened a center in Brighton, we would like to open an account with Wings.
Next
Back
Non-Profit
Corporations
Improve quality of life; receives funds from grants, donations, and sponsers. Extra Verafin questions; must be approved by Resource Queue.
There are no "owners" of the funds; they have leaders that make the decisions
Always an EIN and/or a 501(c)3 letter
Title
Title
Title
Ownership
Features
TIN
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Subtitle
Subtitle
Subtitle
Ownership and Control Prongs
Bylaws and board resolution or meeting minutes
May include corporation terms, but not required
Opening with EIN or 501(c)3
Title
Title
Title
Naming
Documents
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Subtitle
Subtitle
Subtitle
Next
Back
Let's Review!
Next
Back
Who are our members?
Both Cortney and I got our Masters in Small Business Marketing. We believe that small businesses just need a little extra help in sharing the word. That is why we decided to partner up and offer our marketing skills to these small businesses.
Next
Back
Partnerships
Formal arrangement by two or more parties to manage a business and share its profits
The Partnership Agreement identifies the percentage
Title
Title
Title
Ownership
Features
TIN
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Always an EIN
Subtitle
Subtitle
Subtitle
Ownership and Control Prongs
Partnership agreement will list the ownership and control roles
Will need to include type of partnership name in the title
Title
Title
Title
Naming
Documents
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Opening with EIN
Subtitle
Subtitle
Subtitle
Next
Back
Who are our members?
This is our book club, Books & Brews. Every year, people put money into our account,and each month we pick a different brewery (or winery!) where we hold our book club to discuss our latest read. The money goes towards those reservations at the place of business.
Next
Back
Clubs and Other
Organizations
Common cause; one business principal must be an exisiting Ent member in good standing
Always an EIN, but some clubs may have the EIN of a parent organization, such as Big Brothers Big Sisters of America
Like non-profits, clubs do not have owners, but leaders
Title
Title
Title
Ownership
Features
TIN
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Subtitle
Subtitle
Subtitle
Clubs don't have owners, but leadership and control prongs
Ownership and Control Prongs
Either the EIN of the organization or the parent organization
Title
Title
Title
Naming
Documents
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Opening with EIN
Subtitle
Subtitle
Subtitle
Next
Back
Let's Review!
Next
Back
Let's review what you have learned with the different business naming, types, and requirements.
Next
Back
Club
For-profit with shareholders and officers
Drag the business type to the description of the business. Then, click the picture to reveal the answer for that scenario.
Partnership
Non-profit with 501(c)3
Sole Proprietorship
LLC
For-Profit Corp
Non-Profit Corp
LLC with two extra names
Sole prop with only SOS papers
Club
Partnership
Next
Back
Great job learning about the business types. Please continue in the course.
Back
Opening with an EIN
- EIN Documentation from IRS
- Signed bylaws identifying percentage of ownership of the business
- Signed board resolution or meeting minutes identifying control
- Secretary of State Certificate of Good Standing
- Secretary of State Articles of Incorporation
Opening with an EIN
- EIN Documentation from IRS
- Signed operating agreement identifying percentage of ownership of the business
- Secretary of State Certificate of Good Standing
- Secretary of State Articles of Organization
LLC Naming
- Many LLCs will have DBA that will be established with the SOS paperwork. LCCs are also special in that they can have a DBA Business Name (Articles of Organization) and DBA Trade Name (Statement of Trade Name).
- For example, Sonora Webster has an EIN with her name as the first line of the IRS paperwork. She has a business name of Webster's Performances LLC, but the name she uses for her act (her trade name) is Sonora's High-Diving Horses.
- Names must include one of the following words or acronyms: Limited Liability Company, Ltd. Liability Company, Limited Liability Co., Ltd. Liability Co., Private Limited Liability Company, Limited, LLC, L.L.C., Ltd., or PPLC
501(c)3 Designation
- 501(c)3 are a sub-set of non-profit corporations
- Usually tax exempt
- May be a separate IRS letter from the EIN or on the same paperwork, but an EIN is always required
- Not all non-profits are 501(c)3; in that case, they will have an EIN only
Opening with an EIN
- EIN Documentation from IRS or if using an EIN letter from a parent organization (Girl Scouts of America), we must have the approval from the organization in writing
- Signed meeting minutes identifying leadership or signed letter stating who represents the club, title, and powers
- Secretary of State Certificate of Good Standing (if registered; not required)
Opening with an EIN/501(c)3
- EIN Documentation from IRS or 501(c)3 determination letter
- Signed bylaws identifying leadership
- Signed board resolution or meeting minutes identifying financial control (MUST be typed)
- Secretary of State Certificate of Good Standing
- Secretary of State Articles of Incorporation
Opening with an EIN
- EIN Documentation from IRS
- Signed partnership agreement that identifies ownership
- Secretary of State Certificate of Good Standing
- Additional SOS documentation that depends on the type of partnership
Doing Business As
- Owners usually do not want the name of the business to be their own name. As a result, they will use DBA aka trade name.
- Santiago Silva Romirez runs a dog walking business and is registered as a sole proprietorship. He has a DBA (trade name) of Strolling with Santi.
- If using a DBA, the trade name must be registered with the SOS.
Depending on the number of people in the partnership, the percentages can change. There may even be instances where no one owns more than 25% or more. Reach out to the Resource Queue with questions.
Control
The partnership agreement will lay out the responsibilities of the Control Prong. For example: The General Partner shall have sole and complete control of the management and operation of the affairs and investment of the Partnership and shall operate the Partnership for the benefits of all of the partners.
&
Ownership
Opening with a SSN
- Signed typed (handwritten acceptable) letter stating that the member is 100% owner of the business
- Secretary of State Certificate of Good Standing
- Secretary of State Articles of Organization
- If using a trade name, Secretary of State Statement of Trade Name
Signed Board Resolution or Meeting Minutes
Bylaws
These documents name who will be in the decision-making roles that were established in the bylaws.
Bylaws determine how the business decisions are made including officer powers.
&
Board Meeting Minutes
Bylaws
&
The meeting minutes will name the people in the officer positions that were established in the bylaws of the corporation. The description of the officers' powers in the bylaws will determine who will be at account opening for the control prong.
Bylaws determine how the business decisions are made including officer and shareholder powers. They must identify the percent ownership of the business (ownership prong).
Opening with an SSN
- Secretary of State Certificate of Fact of a Trade Name
- Secretary of State Statement of Trade Name
In fact, all businesses, no matter how big or small, must be reigstered with the Colorado Secretary of State to open an account at Ent. The Colorado Secretary of State is also known as SOS or CO SOS.
Control
Leadership
Meeting minutes (either in the same minutes as the control or different ones) will list out the roles and what the responsibilities of those roles are. This example also has the positions named.
The meeting minutes will state that certain people have financial control along with their title in many cases.
&
Operating Agreement
Ownership Letter
An ownership letter can be used when a member is using their SSN to open an LLC. In this example, Bruce states that he is the 100% owner (ownership prong) and sole member (control prong). We prefer for these letters to be typed, but they can be hand-written.
An operating agreement describes the structure of a company, including decisions, duties, and powers. It also identifies ownerships. In our example Lisa is the "sole member" (ownership prong) and has "sole authority" (control prong).
VS
Opening with an EIN
- EIN Documentation from IRS
- A signed letter stating that the member is 100% owner of the business; typed is preferred but handwritten is OK
- Secretary of State Certificate of Fact of a Trade Name
- Secretary of State Statement of Trade Name
Types of businesses
LCE
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Transcript
BUSINESSTYPES
Start
Who are our members?
I'm Robert Dowler and am growing my lawn mowing business. I mow, weed eat, edge, and prune. Then, I put before-and-after videos on all the social media platforms to make more money. Once a month, I will mow a yard for free if I get to post about it.
Next
Back
Sole
Proprietorships
Owned by one person, but can have employees
Common for small businesses andeasy to register
Can use either an SSN or an EIN
Title
Title
Title
Ownership
Features
TIN
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Subtitle
Subtitle
Subtitle
Ownership and Control Prongs
Will often have DBA (Doing Business As)
Since there is only one owner, both prongs will be that person.
Opening with SSN
Title
Title
Title
Naming
Documents
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Example
Opening with EIN
Subtitle
Subtitle
Subtitle
Next
Back
Who are our members?
Maria Lucia and I own a car mechanic shop in Woodland Park. We have three more employees in our three-car garage. We specialize in Jeeps because so many people break down when they come up to the mountains for rock crawling.
Next
Back
Limited Liability
Corporations
Protects owners from personal responsibility for debts and liabilities;owners referred to as members or managers
SSN (single owner)EIN (multiple owners or if owner chooses instead EIN of SSN)
Owned by one or more people
Title
Title
Title
Ownership
Features
TIN
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Subtitle
Subtitle
Subtitle
Ownership and Control Prongs
Will often have DBA (Doing Business As); must have LLC in title
SSN - Signed letterEIN - Operating agreement with percentages
Opening with SSN
Title
Title
Title
Naming
Documents
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Opening with EIN
Subtitle
Subtitle
Subtitle
Next
Back
Let's Review!
Next
Back
Who are our members?
ClearLedger Solutions, Inc. is a accounting firm that delivers accurate, transparent, and timely financial services. We support businesses with bookkeeping, tax preparation, payroll, and financial reporting, helping clients stay compliant and make confident, data-driven decisions.
Next
Back
For-Profit
Corporations
Owned by stockholders who elect a board of directors
Treated as a single legal entity; owners can be titled as board members
Title
Title
Title
Ownership
Features
TIN
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Always an EIN
Subtitle
Subtitle
Subtitle
Ownership and Control Prongs
The name must include corporation terminology (ie: Company or Co.)
Bylaws and board resolution or meeting minutes
Title
Title
Title
Naming
Documents
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Opening with EIN
Subtitle
Subtitle
Subtitle
Next
Back
Who are our members?
We are Gordan Lancaster and Courtney Vance from the Brighton Youth Baseball Association, a non-profit. We run recreational and competitive leagues for youths ages 4-18 in our area. Now that you have opened a center in Brighton, we would like to open an account with Wings.
Next
Back
Non-Profit
Corporations
Improve quality of life; receives funds from grants, donations, and sponsers. Extra Verafin questions; must be approved by Resource Queue.
There are no "owners" of the funds; they have leaders that make the decisions
Always an EIN and/or a 501(c)3 letter
Title
Title
Title
Ownership
Features
TIN
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Subtitle
Subtitle
Subtitle
Ownership and Control Prongs
Bylaws and board resolution or meeting minutes
May include corporation terms, but not required
Opening with EIN or 501(c)3
Title
Title
Title
Naming
Documents
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Subtitle
Subtitle
Subtitle
Next
Back
Let's Review!
Next
Back
Who are our members?
Both Cortney and I got our Masters in Small Business Marketing. We believe that small businesses just need a little extra help in sharing the word. That is why we decided to partner up and offer our marketing skills to these small businesses.
Next
Back
Partnerships
Formal arrangement by two or more parties to manage a business and share its profits
The Partnership Agreement identifies the percentage
Title
Title
Title
Ownership
Features
TIN
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Always an EIN
Subtitle
Subtitle
Subtitle
Ownership and Control Prongs
Partnership agreement will list the ownership and control roles
Will need to include type of partnership name in the title
Title
Title
Title
Naming
Documents
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Opening with EIN
Subtitle
Subtitle
Subtitle
Next
Back
Who are our members?
This is our book club, Books & Brews. Every year, people put money into our account,and each month we pick a different brewery (or winery!) where we hold our book club to discuss our latest read. The money goes towards those reservations at the place of business.
Next
Back
Clubs and Other
Organizations
Common cause; one business principal must be an exisiting Ent member in good standing
Always an EIN, but some clubs may have the EIN of a parent organization, such as Big Brothers Big Sisters of America
Like non-profits, clubs do not have owners, but leaders
Title
Title
Title
Ownership
Features
TIN
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Subtitle
Subtitle
Subtitle
Clubs don't have owners, but leadership and control prongs
Ownership and Control Prongs
Either the EIN of the organization or the parent organization
Title
Title
Title
Naming
Documents
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Use this side to give more information about a topic.
Opening with EIN
Subtitle
Subtitle
Subtitle
Next
Back
Let's Review!
Next
Back
Let's review what you have learned with the different business naming, types, and requirements.
Next
Back
Club
For-profit with shareholders and officers
Drag the business type to the description of the business. Then, click the picture to reveal the answer for that scenario.
Partnership
Non-profit with 501(c)3
Sole Proprietorship
LLC
For-Profit Corp
Non-Profit Corp
LLC with two extra names
Sole prop with only SOS papers
Club
Partnership
Next
Back
Great job learning about the business types. Please continue in the course.
Back
Opening with an EIN
Opening with an EIN
LLC Naming
501(c)3 Designation
Opening with an EIN
Opening with an EIN/501(c)3
Opening with an EIN
Doing Business As
Depending on the number of people in the partnership, the percentages can change. There may even be instances where no one owns more than 25% or more. Reach out to the Resource Queue with questions.
Control
The partnership agreement will lay out the responsibilities of the Control Prong. For example: The General Partner shall have sole and complete control of the management and operation of the affairs and investment of the Partnership and shall operate the Partnership for the benefits of all of the partners.
&
Ownership
Opening with a SSN
Signed Board Resolution or Meeting Minutes
Bylaws
These documents name who will be in the decision-making roles that were established in the bylaws.
Bylaws determine how the business decisions are made including officer powers.
&
Board Meeting Minutes
Bylaws
&
The meeting minutes will name the people in the officer positions that were established in the bylaws of the corporation. The description of the officers' powers in the bylaws will determine who will be at account opening for the control prong.
Bylaws determine how the business decisions are made including officer and shareholder powers. They must identify the percent ownership of the business (ownership prong).
Opening with an SSN
- Secretary of State Certificate of Fact of a Trade Name
- Secretary of State Statement of Trade Name
In fact, all businesses, no matter how big or small, must be reigstered with the Colorado Secretary of State to open an account at Ent. The Colorado Secretary of State is also known as SOS or CO SOS.Control
Leadership
Meeting minutes (either in the same minutes as the control or different ones) will list out the roles and what the responsibilities of those roles are. This example also has the positions named.
The meeting minutes will state that certain people have financial control along with their title in many cases.
&
Operating Agreement
Ownership Letter
An ownership letter can be used when a member is using their SSN to open an LLC. In this example, Bruce states that he is the 100% owner (ownership prong) and sole member (control prong). We prefer for these letters to be typed, but they can be hand-written.
An operating agreement describes the structure of a company, including decisions, duties, and powers. It also identifies ownerships. In our example Lisa is the "sole member" (ownership prong) and has "sole authority" (control prong).
VS
Opening with an EIN