Beneficial owner: “Beneficial Owner” refers to any natural person who ultimately owns or controls the corporation or has ultimate effective control over the corporation.
You will need to add the Beneficial Owner(s) to every business account. The beneficial owner may not always be a signer but they have to be listed on the membership.
Account controller: A controller oversees an organization's daily accounting operations, including the accounting, payroll, accounts payable and accounts receivable departments.
Authorized signer: Can perform transactions on behalf of the business.
An Authorized signer will be added to the account for anyone that will be transacting on behalf of the business. If the beneficial owner is one of the people that will be transacting, they will need to ALSO be listed as an authorized signer.
Custodian: holds customers' securities for safekeeping in order to minimize the risk of their misappropriation, misuse, theft, and/or loss.
DBA: "Doing Business As" When the business operates under a different name.
Anytime a business is operating under another name, we are required to list it that business in order to negotiate anything in that name. You will do so by listing it as the DBA. All business names must be registered with the Oregon Secretary of State and active in order to be listed on an account.
POA: Power of Attorney
We require a notarized Power of Attorney document showing that the POA has been appointed for the business. Not for the individual signers on the account.
Sole Prop: "Sole Proprietor" a legally formed company which is an extension of the owner and where there is no separation of liability between the company and the owner. Generally, a sole proprietorship is owned by one person, but more commonly involves a spouse or family member.
A sole proprietorship must be registered with the state of Oregon IF the company’s name is “other” than the name of its owner. A sole proprietorship usually will not have an EIN number, but will use the social security number of its owner.