Getting Down To Business

Launch FCU Business Accounts

Local businesses are the lifeblood of the communities that we serve in Brevard and Volusia counties. That’s why we offer various business accounts to help our area businesses get established and enjoy prosperity and growth. Launch FCU offers business savings accounts and business checking accounts that can help you go beyond, and reach your financial goals.

Both our business savings accounts and business checking accounts have great features such as online banking, mobile banking, E-Statements, and more that can make running your business’ finances a breeze. Our business accounts are available to: sole proprietorship, nonprofit organizations, “S” corporations, LLCs, and partnerships. For more information, please view the tab boxes below.

Business Savings and Checking Accounts are available to:

A Sole Proprietorship is an unincorporated business that is owned by one individual. It is the simplest form of business organization to start and maintain. The business has no existence apart from you, the owner. Its liabilities are your personal liabilities and you undertake the risks of the business on your own tax return.

Example:
John Doe DBA Happy Handyman
John Q. Public DBA Happy Days Lawn Service

The account cannot be opened without these required items. A minimum of one signer is required on the account with a maximum of four signers:

  • Business Tax Receipt – a city tax receipt will also be required if the business is located within city limits.
  • Certificate of Fictitious Name for the state – if applicable.
  • Social Security Number of the owner or a Federal Tax ID number (Employer Identification Number). If the owner pays wages or if a pension or excise tax return it required, you must have a Tax ID Number.
  • Credit union forms to be completed.
  • Business Account Agreement.
  • Entity Authorization.
  • Personal Guarantee Agreement.

When changing signers on your account, the following credit union forms must be completed:

  • Business Account Agreement.
  • Entity Authorization.

A Nonprofit Organization is a group organized for charitable, scientific, education, literary or religious purposes, such as running a homeless shelter or a low-cost medical clinic. Making profit from these activities is allowed as long as the money is used for nonprofit purposes. This type of corporation does not pay income taxes. A nonprofit corporate charter is required through the state.

The account cannot be opened without these required items. A minimum of two signers is required on the account with a maximum of four signers:

  • Federal ID Number (Employer Identification Number).
  • Articles of Incorporation with the Secretary of State “FILED” stamp.
  • Credit union forms to be completed.
  • Business Account Agreement.
  • Entity Authorization.
  • Personal Guarantee Agreement.

When changing signers on your account, the following credit union forms must be completed:

  • Business Account Agreement.
  • Entity Authorization.

An eligible domestic corporation can avoid double taxation (once to shareholders and again to the corporation) by electing to be treated as an “S” Corporation. An “S” Corporation generally is exempt from federal income tax. Its shareholders include on their tax returns their share of the corporation’s separately stated items of income, deduction, loss and credit, and their share of non-separately stated income or loss.

The account cannot be opened without these required items. A minimum of two signers is required on the account with a maximum of four signers:

  • Business Tax Receipt – a city tax receipt will be required if the business is located within city limits.
  • Federal Tax ID Number (Employer Identification Number).
  • Articles of Incorporation with the Secretary of State “FILED” stamp.
  • Notice of Acceptance as an “S” Corporation.
  • Credit union forms to be completed.
  • Business Account Agreement.
  • Entity Authorization.
  • Personal Guarantee Agreement.

When changing signers on your account, the following credit union forms must be completed:

  • Business Account Agreement.
  • Entity Authorization.

A Limited Liability Company (LLC) is a hybrid type of legal structure that provides limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. Unlike shareholders in a corporation, LLCs are not taxed as a separate business entity. Instead all profits and losses are “passed through” the business to each partner or “member” off the LLC. Members then report profits and losses on their personal federal tax returns.

A minimum of two signers is required on the account with a maximum of four signers.  The account cannot be opened without these required items:

  • Federal Tax I.D. Number (Employer Identification Number).
  • Articles of Organization filed with the Florida Division of Corporations.
  • Operating Agreement.
  • Entity Authorization.
  • Personal Guarantee Agreement.
  • When changing signers on your account, the following credit union forms must be completed:
  • Business Account Agreement
  • Entity Authorization

A Partnership is the relationship existing between two or more persons who carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits or losses of the business. A partnership is not a taxable entity. Each partner includes his or her share of the partnership’s income or loss on his or her tax return.

The account cannot be opened without these required items. A minimum of two signers is required on the account with a maximum of four signers:

  • Business Tax Receipt – a city tax receipt will be required if the business is located within city limits.
  • Certificate of Fictitious Name from the state or a letter from the Florida Department of State acknowledging the Partnership registration.
  • Federal Tax ID Number (Employer Identification Number).
  • Credit union forms to be completed.
  • Business Account Agreement.
  • Entity Authorization.
  • Personal Guarantee Agreement.

When changing signers on your account, the following credit union forms must be completed:

  • Business Account Agreement.
  • Entity Authorization.

Business Savings And Checking Features:

Business Savings Account Features:

Business Checking Account Features:

  • Earns interest with a minimum daily balance of $1,000
  • Activity is limited to 200 items clearing per statement cycle
  • Each item over the 200 will be assessed a fee of 10 cents
  • You must have funds available in the amount of your check order
  • Only checks and other methods approved by the credit union may be used to make withdrawals from this account
  • Paid checks become the property of the credit union and will not be returned either with the periodic statement of this account or otherwise
  • Online Banking
  • Mobile Banking*
  • VoiceTouch24 (Automated Audio Response System)
  • E-Statements
  • ATM/Debit Card

Click here to review all Business Account Fees and Charges.

For more information on Launch FCU Business Accounts, and how they can help your business go beyond, give us a call, or stop in to any of our conveniently located branches to set up your Business Accounts today!

To get started, give us a call at 321-455-9400 (inside Brevard) or 800-662-5257 (outside Brevard), or stop by any of our conveniently located branches.
*

Mobile Banking is free from Launch FCU. Access rates or texting charges may apply, however, depending on your carrier and your plan. Online web access is needed to use these services.

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