Business Account & Loan Documentation Requirements

To open a CEFCU Business account, take the Required Account Documentation to a CEFCU Member Center or mail to the CEFCU Financial Center.

For questions about CEFCU Business accounts and Required Account Documentation, contact a Business Services Representative.

To apply for a CEFCU Business Loan or Business Credit Card, contact a CEFCU Business Loan Officer and provide the Required Documentation as indicated.

Required Account Documentation

Required Documentation

for Loans, Credit Cards, and Credit Lines

  • Business balance sheet and income statement for the last two years along with most recent quarter
  • Business debt schedule providing balance and monthly payments on all outstanding business obligations
  • Business plan, which should include a minimum three years projected revenue and expense figures, for start–up businesses
  • Entity loan documentation (see Entity types below for requirements)

Entity Types

Sole Proprietor

In a sole proprietorship, the business is owned and controlled by one individual. This person alone receives the profits and is responsible for the obligations of the business. If a husband and wife wish to own a business together, they must form a partnership, corporation, LLC, or elect to be treated as a Qualified Joint Venture.

Required Account Documentation

If using an assumed name, Assumed Business Name Certificate, Fictitious Business Name Statement, or Business License, see Business Name information.

Required Loan Documentation
  • Personal Financial Statement
  • Signed personal U.S. tax returns, including all schedules for the last two years
    • If applicable, Federal K-1 Statements for the requested tax years

Additional information may be required.

General Partnership

In a general partnership, the business is owned and controlled by two or more individuals. All partners share the right and responsibility to manage the business, and each partner is responsible for the debts and obligations of the business.

Required Account Documentation
  • One of the following is required:
    • Partnership Agreement
    • Statement of Partnership Authority/Certificate of Registration
  • If using an assumed name, Assumed Business Name Certificate, Fictitious Business Name Statement, or Business License, see Business Name information.
Required Loan Documentation
  • Personal Financial Statement from each Partner
  • Signed Personal U.S. tax returns, including all schedules, for the last two years from each Partner
    • If applicable, Federal K-1 Statements for the requested tax years from each Partner
  • Signed Partnership U.S. tax returns, including all schedules, for the last two years

Additional information may be required.

Limited Partnership

In a limited partnership, the business is made up of general partners and limited partners. The general partners are responsible for managing the business. A limited partner does not participate in the day-to-day management of the partnership. The name of the limited partnership must contain the words Limited Partnership or LP.

Required Account Documentation
  • One of the following is required:
    • Partnership Agreement
    • Certificate of Limited Partnership
    • Statement of Partnership Authority
  • If using an assumed name, Assumed Business Name Certificate, Fictitious Business Name Statement, or Business License, see Business Name information.
Required Loan Documentation
  • Personal Financial Statement from each Partner
  • Signed Personal U.S. tax returns, including all schedules, for the last two years from each Partner
    • If applicable, Federal K-1 Statements for the requested tax years from each Partner
  • Signed Partnership U.S. tax returns, including all schedules, for the last two years

Additional information may be required.

Limited Liability Partnership

In a limited liability partnership there are two types of partners: the general partner, who is the acting manager, and the limited partner, who shares in the profits and risks. The name must contain the words Limited Liability Partnership or LLP.

Required Account Documentation
  • One of the following is required:
    • Partnership Agreement
    • Certificate of Limited Liability Partnership
    • Statement of Qualification
    • Statement of Partnership Authority
  • If using an assumed name, Assumed Business Name Certificate, Fictitious Business Name Statement, or Business License, see Business Name information.
Required Loan Documentation
  • Personal Financial Statement from each Partner
  • Signed Personal U.S. tax returns, including all schedules, for the last two years from each Partner
    • If applicable, Federal K-1 Statements for the requested tax years from each Partner
  • Signed Partnership U.S. tax returns, including all schedules, for the last two years

Additional information may be required.

Limited Liability Company

A limited liability company is a cross between a corporation and a partnership. In a LLC, the owners are called members. An LLC can have one or multiple members. The manager of an LLC is anyone who runs the company.

Required Account Documentation
  • Articles/Certificate of Organization
  • Operating Agreement, Minutes, Resolution, or Annual Report listing members/managers (required if names aren't listed on the Articles of Organization/Operating Agreement)
  • If using an assumed name, Assumed Business Name Certificate, Fictitious Business Name Statement, or Business License, see Business Name information.
Required Loan Documentation
  • Personal Financial Statement from each Member
  • Signed Personal U.S. tax returns, including all schedules, for the last two years from each Member
    • If applicable, Federal K-1 Statements for the requested tax years from each Member
  • Signed Corporate or Partnership U.S. tax returns, including all schedules, for the last two years

Additional information may be required.

Corporation

Corporations are created or incorporated by a group of shareholders who have ownership in the corporation represented by their holding of common stock. Shareholders elect a board of directors whose members appoint and oversee the management of the corporation.

Required Account Documentation
  • One of the following is required
    • Articles of Incorporation
    • Certificate of Good Standing
    • Certificate of Incorporation
  • Bylaws, Corporate Resolution, Corporate Charter, or Board Minutes listing owners/officers (required if names aren't listed on the Articles of Incorporation)
  • If using an assumed name, Assumed Business Name Certificate, Fictitious Business Name Statement, or Business License, see Business Name information.
Required Loan Documentation
  • Personal Financial Statement from each Shareholder
  • Signed Personal U.S. tax returns, including all schedules, for the last two years from each Shareholder
    • If applicable, Federal K-1 Statements for the requested tax years from each Shareholder
  • Signed Corporate U.S. tax returns, including all schedules, for the last two years

Additional information may be required.

Not-for-Profit or Religious Corporation

A not-for-profit corporation is an organization incorporated under state laws and approved by both the Secretary of State and its taxing authority as operating for any purposes other than a profit-seeking purpose. A not-for-profit corporation is formed by incorporators, has a board of directors and officers, but no shareholders. A religious corporation is any church, congregation, or society formed for the purposes of religious worship.

Required Account Documentation
  • One of the following is required
    • Articles of Incorporation
    • Certificate of Good Standing
    • Certificate of Incorporation
  • Bylaws, Corporate Resolution, Corporate Charter, or Board Minutes listing owners/officers (required if names aren't listed on the Articles of Incorporation)
  • IRS determination letter or Form 1023 for IRS section 501(c)(3) (if applicable)
  • If using an assumed name, Assumed Business Name Certificate, Fictitious Business Name Statement, or Business License, see Business Name information.
Required Loan Documentation

Form 990 (Return of Organization Exempt From Income Tax), including all schedules, for the last two years.

Additional information may be required.

Unincorporated/Professional Association

An unincorporated association is a group of individuals who enter into an agreement as volunteers to form a body or organization to accomplish a purpose. A professional association is usually a nonprofit organization seeking to further a particular profession, the interests of individuals engaged in that profession, and the public interest.

Required Account Documentation
  • One of the following is required
    • Articles of Association
    • Statement by Unincorporated Association
    • Registration of Unincorporated Nonprofit Association
  • Bylaws, Constitution or Board Minutes listing member/officer names (required if names aren't listed on the Articles of Association)
  • If using an assumed name, Assumed Business Name Certificate, Fictitious Business Name Statement, or Business License, see Business Name information.
Required Loan Documentation
  • Personal Financial Statement from each Member
  • Signed Personal U.S. tax returns, including all schedules, for the last two years from each Member
    • If applicable, Federal K-1 Statements for the requested tax years from each Member

Additional information may be required.

Assumed Business Name Certificate, Fictitious Business Name Statement, or Business License

Illinois

The Illinois Assumed Name Act requires businesses to register with their local county clerk's office when the business name is different from the owner's full legal name. This Act does not apply to any corporation, limited liability company, limited partnership, or limited liability partnership. Those entity types must file with the State for an assumed name.

California

A Fictitious Business Name Statement must be registered with the county clerk of the county of the owner's principal place of business if the business is a sole proprietorship, partnership, or corporation doing business under a name not containing the owner's surname, such as Smith Accounting Service. Other entity types must file with the State for an assumed name.