Opening a Business Account

Thank you for choosing Kawartha Credit Union for all of your Business account needs. Our goal is to exceed member service expectations, and provide you with financial solutions to encourage the growth of your business.

What type of business are you?

Please select the tab below which represents your business type:

SOLE PROPRIETORSHIP

Business Description

The simplest form of business organization is a sole proprietorship in which one person performs all the functions that are required for the successful operation of a business. The sole proprietor (business owner) secures the capital, hires any employees, establishes and operates the business, assumes all of the risk, accepts profits or losses, and pays all taxes. It is a business in which the sole owner has exclusive control. The sole proprietor is said to be self-employed.

Additional Information Expand/Collapse

Unlimited Liability
Liability arising out of business activity is borne entirely by the sole proprietor. All assets, whether business or personal, can be legally taken to pay the debts of the business. This is known as unlimited liability.

Business Account Opening Requirements

It’s a simple 3-step process!

Step 1 - Documentation & Information Requirements: Expand/Collapse

Please gather, complete and print the following:

*only applicable if an Authorized User will be designated

All KCU Forms are also available in-branch. For instructions on completing the KCU Forms, click here. For other helpful business links, including obtaining an updated Corporate Profile Report, click here.

Step 2 - Submit Documentation: Expand/Collapse

Visit any Kawartha Credit Union branch to drop off the completed checklist and required documentation. A Kawartha Credit Union Business Advisor will sit down with you to review the information, discuss your business needs and begin the application process. You will then be contacted within 5 business days with the status of your application.

Step 3 – In-Branch Appointment: Expand/Collapse

Once your Business membership application has been approved, a final appointment (minimum of one hour) is required to sign the application documentation. As the owner and signer for the account, you are required to provide original identification and sample signatures. We will require you to confirm your SIN for tax reporting purposes as your business account generates interest income.

Please note that Kawartha Credit Union is a member-owned co-operative. A $25 share deposit is required, which stays with the account until the account is closed.

PARTNERSHIP

Business Description

In a partnership, two or more people or corporations combine talents and resources to conduct business. Partnerships come in three types:

  • General Partnership
  • Limited Partnership
  • Limited Liability Partnership (LLP)
Regardless of the partnership type, Kawartha Credit Union requires a copy of the partnership agreement which specifies the banking authority and ownership structure, and confirms the existence of the partnership. The Partnership Agreement is important for purposes of determining whether or not the partnership (entity) survives if one of the partners dies, becomes bankrupt, or is declared mentally incompetent.

Additional Information Expand/Collapse

General Partnership
Consists of two or more people or corporations who share management duties and equal liability for business debts.  That means that one partner can be held liable for the business debts of the other.  General partnerships are formed by a straightforward written agreement between the partners.

Limited Partnership
Consists of one or more general partners and one or more limited partners.  Limited partners have no management authority and their liability is limited to the amount of capital that they contribute.  Limited partnerships are established by a formal agreement between the partners, and usually specifies which partners will manage the business.  The business name of a limited partnership must contain “Limited Partnership”.

Limited Liability Partnership (LLP)
Limits the liability of the partners. One partner cannot be held personally responsible for the obligations of the business or for the obligations of the other partners.  Personal assets remain protected, so limited liability partners can run the business, but enjoy some protection from being sued for the negligence or wrongdoing of the other partners.  Limited liability partnerships are established by a forms agreement between partners that is filed, along with a list of partners, in a records office. The LLP registers the address of the records office with the corporate registry.  The business name must contain “Limited Liability Partnership (LLP)”.  A limited liability partnership is usually only available to a group of professionals, such as lawyers, accountants or doctors.


Business Account Opening Requirements

It’s a simple 3-step process!

Step 1 - Documentation & Information Requirements: Expand/Collapse

Please gather, complete and print the following:

General Partnership:

  • Master Business Licence (if applicable)
  • Partnership Agreement (formal or letter)

Limited Partnership:

  • Declaration of Limited Partnership (Form 6)
  • Partnership Agreement (formal)
Limited Liability Partnership:

  • Master Business Licence (if applicable). Registration name must include ‘Limited Liability Partnership’ or ‘LLP’.
  • Partnership Agreement (formal)
All KCU Forms are also available in-branch. For instructions on completing the KCU Forms, click here. For other helpful business links, including obtaining an updated Corporate Profile Report, click here.
 

Step 2 - Submit Documentation: Expand/Collapse

Visit any Kawartha Credit Union branch to drop off the completed checklist and required documentation. A Kawartha Credit Union Business Advisor will sit down with you to review the information, discuss your business needs and begin the application process. You will then be contacted within 5 business days with the status of your application.

Step 3 – In-Branch Appointment: Expand/Collapse

Once your Business membership application has been approved, a final appointment (minimum of one hour) is required to sign the application documentation. Signing officers must attend the appointment and provide 2 pieces of valid ID.

Please note that Kawartha Credit Union is a member-owned co-operative. A $25 share deposit is required, which stays with the account until the account is closed.

CORPORATION

Business Description

The law treats a corporation as a separate “person”, distinct from the people who own or manage it. The corporation can enter into contracts, incur debts, and pay taxes like any individual. However, the corporation’s owners cannot be held personally liable for the activities or debts of the business. If the corporation cannot pay a debt, the owners are not responsible for that debt unless they personally guaranteed it.

Corporations include incorporated private or public companies, crown corporations, cooperative associations, incorporated associations, and societies.


Business Account Opening Requirements

It’s a simple 3-step process!

Step 1 - Documentation & Information Requirements: Expand/Collapse

Please gather, complete and print the following for your Corporation (including co-operative, condominium corporation, incorporated society, registered charity or similar organization):

Registered Charity

Condominium Corporation

  • Declaration and description registered under the Condominiums Act

All KCU Forms are also available in-branch. For instructions on completing the KCU Forms, click here. For other helpful business links, including obtaining an updated Corporate Profile Report, click here.

Step 2 - Submit Documentation: Expand/Collapse

Visit any Kawartha Credit Union branch to drop off the completed checklist and required documentation. A Kawartha Credit Union Business Advisor will sit down with you to review the information, discuss your business needs and begin the application process. You will then be contacted within 5 business days with the status of your application.

Step 3 – In-Branch Appointment: Expand/Collapse

Once your Business membership application has been approved, a final appointment (minimum of one hour) is required to sign the application documentation. Signing officers must attend the appointment and provide 2 pieces of valid ID.

Please note that Kawartha Credit Union is a member-owned co-operative. A $25 share deposit is required, which stays with the account until the account is closed.
 

UNINCORPORATED ASSOCIATION

Business Description

Unincorporated associations are groups of people united by common consent for a mutual purpose. It is, essentially, an agreement among a number of persons which articulates their common purpose, establishes an organization to achieve that common purpose and sets out how that organization is to be operated to achieve that purpose. The relationship among the persons is contractual in nature.

These groups are recreational, non-profit*, or charitable groups that are not registered or incorporated under any act. They include organizations such as recreational sports teams, church groups, and community service organizations.

Additional Information Expand/Collapse

Non-Profit Organizations:
Are organizations established in Canada as an association, club or societies that are not charities and that are organized and operated exclusively for:

  • social welfare
  • civic improvement
  • pleasure
  • recreation
  • any other purpose except profit
Also, an organization established in Canada as a professional organization, business league, chamber of commerce, labour organization, agricultural or horticultural organization, or civic league, or exclusively for the promotion of social welfare.
A non-profit organization is exempt from income tax, has no shareholders or members who have a proprietary or beneficial interest in its income or assets, can only use its income or assets for the activities set out in its formation documents, and upon the dissolution of the entity, all of its assets must be distributed to the Canadian government or other Canadian non-profit organization(s).


Business Account Opening Requirements

It’s a simple 3-step process!

Step 1 - Documentation & Information Requirements: Expand/Collapse

Please gather, complete and print the following documents for your Unincorporated Association (including community accounts, organized sports teams, clubs or lodges):

Community Account:

  • Memorandum of Association or Constitution
  • Bylaws, Association Rules or Membership Resolution
  • Certificate of Incumbency listing directors and officers

Organized Sports Teams:

  • Letter from league executive confirming existence of league, name of sports team, coaching staff and a list of the league executives.

Club or Lodge:

  • Letter from head office on letterhead, confirming the existence of club/lodge, granting authority to open account and use the name.  Letter must identify signing authorities, officers and directors 
  • Bylaws or Association Rules

Church

  • Letters Patent or Canons of the Diocese or Church Manual/Bylaws
  • Additional supporting documentation, as necessary (determined via application process)
All KCU Forms are also available in-branch. For instructions on completing the KCU Forms, click here. For other helpful business links, including obtaining an updated Corporate Profile Report, click here.

Step 2 - Submit Documentation: Expand/Collapse

Visit any Kawartha Credit Union branch to drop off the completed checklist and required documentation. A Kawartha Credit Union Business Advisor will sit down with you to review the information, discuss your business needs and begin the application process. You will then be contacted within 5 business days with the status of your application.

Step 3 – In-Branch Appointment: Expand/Collapse

Once your Business membership application has been approved, a final appointment (minimum of one hour) is required to sign the application documentation. Signing officers must attend the appointment and provide 2 pieces of valid ID.

Please note that Kawartha Credit Union is a member-owned co-operative. A $25 share deposit is required, which stays with the account until the account is closed.

BUSINESS TRUST

Business Description

There may be times when a business entity requires a separate and distinct business account in which to hold funds ‘in trust’ for clients, charitable fundraising activities, etc. These funds cannot co-mingle with funds held in the general operating account of the business entity.

Kawartha Credit Union currently offers the following Business Trust account types:

  • Solicitors Trust
  • Real Estate Trust
  • Lottery Trust (Charitable)
  • Cemetery Trust
  • Bailiff’s Trust
Note: in order to open a Business Trust Account with Kawartha Credit Union, the general operating account of the business entity must also be held with Kawartha Credit Union.


Business Account Opening Requirements

It’s a simple 3-step process!

Step 1 - Documentation & Information Requirements: Expand/Collapse

Please complete the following for your Trust account, as an extension of your Business Membership Application:

In addition, the following supporting documents are required, based on the type of trust.

Lottery Trust

  • Proof of valid Lottery Licence

All KCU Forms are also available in-branch. For instructions on completing the KCU Forms, click here. For other helpful business links, including obtaining an updated Corporate Profile Report, click here.

Step 2 - Submit Documentation: Expand/Collapse

Visit any Kawartha Credit Union branch to drop off the completed checklist and required documentation. A Kawartha Credit Union Business Advisor will sit down with you to review the information, discuss your business needs and begin the application process. You will then be contacted within 5 business days with the status of your application.

Step 3 – In-Branch Appointment: Expand/Collapse

Once your Business Trust membership application has been approved, a final appointment (minimum of one hour) is required to sign the application documentation. Signing officers must attend the appointment and provide 2 pieces of valid ID.

Please note that Kawartha Credit Union is a member-owned co-operative. A $25 share deposit is required, which stays with the account until the account is closed.