Business Account Fraud
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- 1.
- A.
Limited Partnership
- B.
LLC
- C.
Non-Profit
- D.
Sole Proprietorship
- 2.2. How many owners exist for a Sole Proprietorship?
- A.
As many as the owner wants.
- B.
Only one owner can exist all others are listed as authorized users.
- C.
There is no limit.
- D.
Only two.
- 3.
- A.
LLC
- B.
Sole Proprietorship
- C.
All businesses
- D.
General Partnership
- 4.
- A.
Mucho Services Business.
- B.
Many Single Businesses.
- C.
Money Service Business
- D.
Member Service Business
- 5.
- A.
Pet stores.
- B.
Ice cream palors.
- C.
Massage palors.
- D.
Athletic organizations.
- 6.
- A.
Employees stealing pens and pencils.
- B.
ID Theft committed by business owner impersonators.
- C.
Stolen credit cards.
- D.
Stealing cash from the office.
- 7.Can I run the business EIN through ChexSystems?
- A.
Yes, but it must be run through the business inquiry and not the individual inquiry.
- B.
No. We do not verify business EIN or TIN's through ChexSystems.
- C.
No. As long as we have the correct paperwork we do not need to run ChexSystems.
- D.
No. As long as the individual passes ChexSystems the account can be opened.
- 8.Can an EIN issued by the IRS also be used as a Social Security number?
- A.
No the EIN number is only issued to one business and not a person.
- B.
No. If an EIN fails or has a record returned that must be a typo.
- C.
Yes. The IRS and Social Security Administration may use the same number for different purposes.
- D.
No. An EIN number is only used by the IRS.
- 9.If the owner of an LLC dies, can anyone on the account close it?
- A.
Yes if they are an authorized signer they can do whatever they want.
- B.
No. The operating agreement specifices who has control and must be reviewed before the account is touched.
- C.
Yes but the check has to be made payable to the business.
- D.
Yes. The other person on the account can have all the money.
- 10.Can we accept paperwork that is expired or is missing dates and/or signatures?
- A.
Yes as long as we have proper identification.
- B.
Yes. If the member passes ChexSystems itis ok to open an account.
- C.
No. All paperwork must be dated and all individuals on the paperwork must be verified with valid identification.
- D.
Yes. The paperwork is good for the life of the business and we do not need any dates.
- 11.Is it ok to omit periods, dashes, etc. from the name of a business to make it fit on the paperwork?
- A.
No if the name of the business is ABC Roofing then it has to be specifically written without periods. A.B.C. Roofing could be a completely different company and use the same initials.
- B.
Yes. As long as the name of the business is written the same the punctuation does not matter.
- C.
Yes. As long as the names of the people are spelled correctly it does not matter.
- D.
Yes. The Department of State does not care.
- 12.Can we issue a loan to a business if the address does not match the records that the Department of State has on file?
- A.
No. The address must always match.
- B.
Yes. People change their addresses all the time.
- C.
Yes. As long as they have the proof of address with us.
- D.
Yes. We only need to verify that the primary owner has the correct address on file.
- 13.Can a corporation use a P.O. Box when applying with the Department of State?
- A.
Yes. Most business have a P.O. Box.
- B.
No. They must use a street address.
- C.
Yes. As long as they have identification on them with a street address.
- D.
Yes. The individual only needs to provide proof of address not the business.
- 14.When I cash a check off of a business account, what should I look for?
- A.
The last check number that was paid from the account to make sure it is in range.
- B.
The identification that the individual is presenting is valid.
- C.
The person in front of me is the payee on the check.
- D.
All of the above.
- 15.When I am not sure of the paperwork in front of me I should:
- A.
Ask a supervisor for help.
- B.
Wing it and hope I am right.
- C.
Proceed and hope that fraud catches anything I enter wrong.
- D.
Call Chuck Sanford and ask him what to do.
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