Account Opening is a catch twenty two situation for any bank official. It remains the most risk bearing segment as well as crucial to the very existence of a bank. Banks need to open more and more accounts to grow their business. In the same way customers need bank accounts to do day to day business transactions. For customers, their money is deposited in bank accounts. A customer wants an only thing is that his money should remain secure. A customer does not need any kind of verification of the bank except that it is a legal and scheduled bank.
Account Opening for Partnership and Limited Liability Partnership (LLP)
Bank do need to verify a lot of things about a customer before an account is opened. They are under continuous and regular oversight of various governmental agencies, regulatory bodies, internal and external audits etc. Banks do need money but it must be clean. So, the banks have a checklist of minimum list of documents to be obtained from customers for account opening.
Account Opening for Partnership and Limited Liability Partnership (LLP) also involves a certain set of documents. Let us dive into it directly:
Requirements for Partnership Account:
1) Copy of the applicable valid identity document of all
partners and authorized signatories
2) All of the following documents:
a) Attested copy of ‘Partnership Deed’ duly signed by
all partners of the firm.
b) Attested copy of Registration Certificate with
Registrar of Firms. In case the partnership is
unregistered, this fact shall be clearly mentioned on
the Account Opening Form.
c) Authority letter, in original, signed by all partners
for opening and operating the account.
Document checklist for Limited Liability Partnership (LLP)
1) Copy of the applicable valid identity document of all
partners and authorized signatories
2) All of the following documents:
a) Certified Copies of:
i) ‘Limited Liability Partnership Deed/ Agreement’
ii) LLP-Form-III having detail of partners/
designated partner in case of newly incorporated
LLP.
iii) LLP-Form-V regarding change in partners/
designated partner in case of already
incorporated LLP.
b) Authority letter signed by all partners, authorizing
the person(s) to operate LLP account.
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