No, we would not recommend allowing an incorporated business (i.e., a corporation) to operate an account with an LLC that is a separate entity with its own EIN as a “doing business as” account. We believe this arrangement would risk the commingling of funds between separate business entities.

Both corporations and LLCs may transact business in Illinois under an assumed name by filing an application with the Secretary of State. However, corporations are prohibited from adopting an assumed name that matches an existing LLC’s name (outside of a merger with or acquisition of the existing LLC). Consequently, designating a corporation as “doing business as” under an LLC’s name would be inaccurate under Illinois law.

One potential solution is for the LLC to open its own, separate account with your bank. That way, the individual running the businesses would be able to deposit checks for both the corporation and the LLC at your bank. If opening a new account for the LLC, we recommend following your standard account opening procedures for corporate accounts, including obtaining the business’s name, address (principal place of business, local office, or other physical location), and taxpayer identification number, as well as possibly obtaining information about the individuals who will have authority and control over the LLC’s account (all of which might differ from the corporation’s account).

For resources related to our guidance, please see:

• Business Corporation Act, 805 ILCS 5/4.15(c) (“Before transacting any business in this State under an assumed corporate name or names, the corporation shall, for each assumed corporate name, pursuant to resolution by its board of directors, execute and file in duplicate in accordance with Section 1.10 of this Act, an application setting forth: . . .”)

• Limited Liability Company Act, 805 ILCS 180/1-20(b) (“Before transacting any business in Illinois under an assumed limited liability company name or names, the limited liability company shall, for each assumed name, execute and file in duplicate an application setting forth all of the following: . . .”)

• Business Corporation Act, 805 ILCS 5/4.05(a)(3) (“The corporate name of a domestic corporation or of a foreign corporation organized, existing or subject to the provisions of this Act: . . . Shall be distinguishable upon the records in the office of the Secretary of State from the name or assumed name of any domestic corporation or limited liability company organized under the Limited Liability Company Act. . . .”)

• Limited Liability Company Act, 805 ILCS 180/1-10(d) (“The name shall be distinguishable upon the records in the Office of the Secretary of State from all of the following: . . . (4) Any assumed name that is registered with the Secretary of State under Section 1-20. . . . (5) Any corporate name or assumed corporate name of a domestic or foreign corporation subject to the provisions of Section 4.05 of the Business Corporation Act of 1983 or Section 104.05 of the General Not For Profit Corporation Act of 1986.”)

• FinCEN Regulations, 31 CFR 1020.220(a)(2) (“Customer Identification Program: minimum requirements . . . . (2)(i)(A) In general. . . . the bank must obtain, at a minimum, the following information from the customer prior to opening an account: (1) Name; . . . (3) Address, which shall be: . . . (iii) For a person other than an individual (such as a corporation, partnership, or trust), a principal place of business, local office, or other physical location; and (4) Identification number, which shall be: (i) For a U.S. person, a taxpayer identification number; . . .”)

• FinCEN Regulations, 31 CFR 1020.220(a)(2) (“Customer Identification Program: minimum requirements . . . . (2)(ii)(A) Verification through documents. For a bank relying on documents, the CIP must contain procedures that set forth the documents that the bank will use. These documents may include: . . . (2) For a person other than an individual (such as a corporation, partnership, or trust), documents showing the existence of the entity, such as certified articles of incorporation, a government-issued business license, a partnership agreement, or trust instrument.”)

• BSA/AML Examination Manual — Business Entities (Domestic and Foreign) — Overview (“When opening an account for a customer that is not an individual, banks are permitted by 31 CFR 1020.100 to obtain information about the individuals who have authority and control over such accounts in order to verify the customer’s identity (the customer being the business entity). Required account opening information may include articles of incorporation, a corporate resolution by the directors authorizing the opening of the account, or the appointment of a person to act as a signatory for the entity on the account.”)