Delaware Today has named Gawthrop Greenwood to its esteemed "Faces of Delaware 2024" listing for…
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.