Business Membership

In order for a business entity to qualify for membership, a) all shareholders of the corporation; b) all members of the limited liability company; c) all partners of the partnership; d) all members of the informal association, organization or club; or e) the owner of the sole proprietorship, as applicable, must meet at least one eligibility requirement for membership with the credit union.

The business entity must also purchase and maintain a $5.00 share of ownership (the membership share) at the credit union as required by our bylaws.

Before being accepted for business membership at Purdue Federal, the business entity must:

• Identify beneficial owners, which includes any individual who directly or indirectly, through contract, arrangement, understanding, relationship or otherwise, owns 25% or more of the equity interests of a legal entity member. We will require a copy of official identity documentation such as a driver's license or passport if they are not present at account opening.
• Identify the control prong, which is an individual with significant responsibility to control, manage or direct a legal entity member. We will require a copy of official identity documentation such as a driver's license or passport if they are not present at account opening.
• Provide acceptable organization documents as applicable including, but not limited to, Certificate of Assumed Business Name, Certificate of Incorporation, Certificate of General or Limited Partnership, Partnership Agreement, Articles of Organization or Incorporation, Operating Agreement, Bylaws and Credit Union Provided Authorization Resolutions (“Entity Documents”).

Once you open the business account, the $5 membership share deposit will be unavailable for withdrawal.

Required Documentation

Please use the chart below to determine the documentation required to open your Purdue Federal Business Account.