Opening Corporate Bank Accounts at Kunshan Rural Commercial Bank

To open a corporate bank account at Kunshan Rural Commercial Bank, the corporation must appoint a representative, typically the treasurer of the board of directors.

This representative will take a corporate resolution that grants permission to open the account to the bank. The treasurer does not necessarily have to be the majority shareholder; they are responsible for completing the account opening procedure.

Authorized Signers on Business Bank Accounts

A list of authorized signers, who may or may not be shareholders, is often included on a business bank account. While a typical business account is closely linked to the company owners, it is essential to have designated individuals who can sign on behalf of the business for various transactions and operations.

Distinction Between Corporate and Sole Proprietorship Accounts

In the case of a corporation, the corporate bank account is separate from personal accounts and operates under the entity’s name. However, in a sole proprietorship where there is no legal separation between the individual and the business, the business bank account functions as an extension of the owner’s personal finances but uses the business name for transactions.

A list of authorized signers, who may or may not be shareholders, is often included on a business bank account. A typical business account, on the other hand, is frequently intimately associated with the company owners. Because a sole proprietorship is not a separate legal organization, the business bank account in this scenario is simply a personal bank account utilizing the business name.