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  4. Partnerships

Partnerships

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Partnerships are formed when two or more individuals get together to operate a business. Use this chart to find out how to manage these accounts.

If you…

then you need to…

…wanted to add or remove a Partner and as a result have formed a new Partnership.

…close the existing account and open a new Coast Capital Savings account as this represents an entirely new Partnership agreement.

…wanted to add or remove a Partner and the existing Partnership will continue.

…update the Partners for the partnership.

…changed the people that can perform a transaction.

…update the Signers for the partnership.

Corporate partnerships (between businesses) are complicated arrangements that can only be discussed in branch, if you need help with this or need more detailed information then please contact us.

An update of Partners may terminate the existing partnership. If the change in Partners results in the partnership no longer existing, then the account needs to be closed and a new one opened for the new partnership.

If the existing partnership will continue follow the steps below.

Who needs to visit the branch?

All people who are Partners in the partnership will need to be in-branch. Any removed Partners do not need to be present, provided that you bring a written notice signed by all previous Partners.

During that time, you could also change Signers.

Follow these steps

Step 1

Book an appointment

Contact a Small Business Specialist

Step 2

Bring the required documents

  • Valid government issued photo ID
  • Signed Written Notice by all previous Partners

Signers are the individuals that have the ability to perform transactions on the account. Each person must be appointed by the Partners.

Example:

Next Steps:

Richmond Recreation Partnership changed their accountant Bill Woods to Jack Burns.

The Partners will need to add Jack Burns as a Signer for the company and remove Bill Woods.

Richmond Recreation Partnership appointed a new Treasurer Jane Smith.

The Partners will need to make Jane a Signer.
Who needs to visit the branch?
Only the new Signer needs to appear in branch, so long as you are not changing Partners.
Follow these steps

Step 1

Complete the attached form

Have all Partners complete this document.

Change to Authorized Signing Officers

Step 2

Book an appointment

Contact a Small Business Specialist

Step 3

Bring the required documents

  • Valid government issued photo ID
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