JOIN VERITY AS A BUSINESS MEMBER
We know how busy your business can keep you. So we put all the necessary forms and information for business membership in one place. Take the first steps to a more profitable future — learn how to join Verity.
Business Membership Qualifications
Small business owners can join if your small business is formed and located in Washington state.
Corporations can join as long as the stock in your company is not publicly traded and over 50% of the owners are eligible for personal membership. Download the Business Account Requirements for Members form for additional information.
Eligible Business Types
Verity welcomes the following business types:
A form of business organization in which an individual is fully and personally liable for all the obligations (including debts) of the business, is entitled to all of its profits, and exercises complete managerial control.
Limited Liability Company (LLC)
A Limited Liability Company has the advantage of being a hybrid between a partnership and a Corporation. They combine the personal liability protection of a corporation with the tax benefits and simplicity of a partnership. Most states require fewer formalities be observed in an LLC in comparison to a corporation.
Limited Liability Companies are also more flexible and require less on-going paperwork than corporations. Like limited partnerships and corporations, the LLC is recognized as a separate legal entity from its "members."
Corporations and Incorporated Nonprofit Organizations
A corporation is a legal entity that can exist separately from its owners. Creation of a corporation occurs when properly completed articles of incorporation (called a charter or certificate of incorporation in some states) are filed with the proper state authority, and all fees are paid.
One of the primary advantages of incorporation is the limited liability the corporate entity affords its shareholders. Typically, shareholders and directors are not liable for the debts and obligations of the corporation.
Nonprofit Organization/Unincorporated Group or Club
Legally, a nonprofit organization is one that does not declare a profit and instead utilizes all revenue available after normal operating expenses in service to the public interest. A nonprofit corporation can be a church or church association, school, charity, medical provider, legal aid society, volunteer services organization, professional association, research institute, museum, or in some cases a sports association.
Upon receipt of the formation document, bylaws, meeting minutes or other applicable document, and business license if the organization is a business, the business/group will complete a Business Account Card form and Business Activity Questionnaire.
A partnership is a for-profit business association of two or more persons. Each partner shares directly in the organization's profits and shares control of the business operation. The consequence of this profit sharing is that partners are jointly and independently liable for the partnership's debts.
What You Need to Open Your Verity Business Accounts
Download a Business Account Card form and Business Activity Questionnaire and bring it to a convenient Verity branch when you're ready to open your accounts. Verification of TIN or EIN is also required to open your business account.
In addition to filling out Verity's new account form and questionnaire, you will also need to provide the following:
- Formation Document — A document that proves that the entity exists. This would include LLC Operating Agreement, Articles of Incorporation, Bylaws, Partnership Agreement, Business License, etc.
- The Resolution — Contains information regarding the organization and who has been given authority to transact business on behalf of the organization. These people are usually elected at a meeting that gives them that authority. Whenever a change of officers occurs at the organization, a new resolution will be required. When a new resolution is necessary, new Account Forms will also be required for each account, with all new signatures.
Have Questions Regarding the Application Process?
Please email us at [email protected] with any questions you may have.