Gawthrop Presents: Business Banking with Michael Merlie and Stephen Olsen

Gawthrop Greenwood attorneys Stephen J. Olsen and Michael Merlie recently presented a training session on business banking issues for executives and managers of the Franklin Mint Federal Credit Union.  Topics covered at the session included:

• Formation and Governance of Various Business Entities  – Corporations, Limited Liability Companies, Partnerships, Sole Proprietorships
• Issues Arising with Changes in Ownership – Including in cases of death, buy-out or sale to third parties
• Not-For-Profit Entities – Proper documentation required for nonprofit organizations formed under Section 501(c) of the Internal Revenue Code, social and other clubs, reunions, other nonprofit organizations
• Risk Management Issues – Beneficial ownership, money service businesses, proper documentation on business accounts
• Special Considerations for Trust Accounts

During the session, bank executives and managers shared many real-life scenarios faced in assisting customers in setting up business accounts, and the team from Gawthrop Greenwood provided insights on how to effectively handle these unique situations.