How To Sign Idaho Banking PDF

How to industry sign banking idaho pdf simple

all right welcome everybody we are here with another meeting with the two pete's Peter grant and Peter Thomas how you all doing very well oh good man we're doing good beautiful day here in Chicago and the financial district we're always glad to see you guys in thank you for having us back yeah yeah well thank you for taking the time to kind of go over some of this hedging it's new to a lot of scrap people I think yeah I think Nick that what we're doing is we're kind of breaking into the area now and a lot of guys are saying you know what this isn't just for the big guys that you know my company has a lot of price risk and as these prices are rallying and we've been talking on your show really for the last year pick up pretty much lows and highs out of blind luck of nothing else and but we've we've been able to help a lot of guys mitigate exposure and and that's what we want to do here we want to be able to say you know hey we want you to be here next year and wherever the price goes it isn't gonna matter you know well I think today we'll just kind of do a quick run-through on kind of setting up an account with you guys for it just to use your tornado app perfect right thornado app is our hedging platform it's proprietary platform to my partner Tom Garland I started it many years ago and it allows you to buy or sell your product it and a given price and it's just a fantastic thing and we'll have another show on that so you guys can see it today we'll just go over a real quick overview of setting up an account and what you guys kind of require from a company perfect yeah and it's it's actually quite easy we do everything online now so the the big stack of documents is a thing of the past so once you've expressed an interest in setting up a hedging account with us we send you an invite by email to our application portal and once you've logged into that portal it sort of pulls you through the process so it's it's simple doesn't take very long at all the kind of the crux of the application is basic business information something that you would have to fill out for a business loan or anything like that and still what you're looking at on the on the screen is sort of the the base of the the application so company name the le ia number which is a legal entity identifier number and it it essentially it's a part of it basically is a way to identify individuals or corporations to that they are allowed to engage in certain financial transactions it's really easy to get frequently its same business day we either use the G Mei utility or we use Bloomberg and we send them a link for that so then you have to do that you don't have to worry about that doesn't have one you guys can make in the process we could we get you to the place you need to be and again that's it's really easy to get and it's a handy thing for your corporation to have because if you go to a bank for any reason you just give me relly I and well you know babes away for myself you know we would get our CFO involved on this process you know of course someone yeah frequently the the CFO or the controller of the company he has all the important information that his or her fingertips and can get it through the application really quickly so if you're fortunate to have somebody in that capacity for your firm it this can go really quickly even if you're not if you don't have that if you kind of where all the hats you can help walk people through the process oh absolutely yeah I I am here to to hold everybody's hands and I've done this enough times that I can answer all the questions that you might have steer you in the right direction in terms of filling out the application and uploading the the pertinent documentation that we need so again I assure you it's a it's a very painless process okay cool yeah so again a company named le i number ec p reason that's something that a lot of people probably won't be familiar with this this is part of the dodd-frank regulations ECP is eligible contract participant and again for the types of transactions that we deal in you do need to be an EC P and there are a couple of ways to qualify for ECP and that's what goes into that box and again I can walk anybody through that process go through that process these oh that's that's immediately you you sort of either qualifier you don't but there are called several different ways to qualify as an DCP and most people in the precious metals industry qualify almost assuredly and again I'll walk everybody through that process and ask the pertinent questions to to get to that the reasoning but usually it is to mitigate risk to hedge and mitigate risk as part of that equation yeah I mean yeah we're I mean basically people are saying because the government is asking question why why are you on the exchange and what we're we're on the exchange because we have to use it to mitigate risk or to or to fix a price of product that we have on hand such as platinum or palladium you know we don't want to we were exposed to market swings and we're gonna eliminate that in our business and the government looks at that goes okay we understand yep and so again addresses and number of employees your banking information total estimated annual income liquidity you net worth of the company the risk capital that you're looking to put in to the to the hedging process all pretty basic easy stuff intended purpose of transaction typically it's going to be hedging right and we asked some questions about your experience in with regards to trading and investing and that's sort of the the main part of the application so pretty quick and easy we do require that certain documents be uploaded so I'll just go through that list real quickly as well so again this this is sort of the the basis of that of that application that you're seeing here company information company contact information it's X trite now but as you go through it and complete it a green check shows that's right it pulls you through the process now they can also fill it out peat and check off their acts and then come back to stuff they might not have absolutely it doesn't have to be done in one sitting by the imagination Oh God it'll show you what still remains to be input or uploaded great and you can go back to it at any time you get input from your CFO or your controller if you fill in the pieces and eventually once everything is checked green down at the bottom of the application you submit the application we also do electronic signature and getting back to the the documents that we need a certificate of incorporation so wherever your Domus styles be it Idaho or Denver or Chicago or anywhere that you you can typically get that certificate of incorporation from the Secretary of State's office if you don't have it's in the knee put them on the wall right yeah same thing for the Certificate of Good Standing if you're up-to-date on all of your filings and everything with the Secretary of State's office you'll be able to download that Certificate of Good Standing from the Secretary of State's website and then it comes in a PDF format and you just upload it - that that particular so looks cool maybe just go in and so again you just yes that simple you just choose the file dad load it and and then you use self-certify it also so there will be a green button that says I certify that this is the you know the the actual document this is right so yeah exactly so we don't have to get certifications and so forth from from a third-party entity and things don't have to be notarized to put a millwright right yep so again your company banking information or let's go back down to documents a certificate of register office sort of proof of business address so that can be an official document of your of your business address but it can also be something as simple as the utility bill from your your physical office or your facility your yard what have you so if you have an electric bill for for your yard for example that can serviced your proof of business address okay and we've got all the tricks for example we just had an individual come in he says I don't pay any utility because it comes on my lease we said okay send us a copy release that demonstrates that your landlord pays the pays the electricity sent it in and it was accepted so you know we will be able to help you with all of a few of the nuances here too right and list of directors and secretaries so depending on the corporate structure the the directors the secretary and so forth it can be just a list on your on your letterhead it doesn't have to be anything terribly formal a lot of times it's in the your formation documents so that's acceptable as well a share registry so if you if you issued shares in your companies say informed it subchapter S for example and you issued a hundred shares we need to see how those shares are distributed to determine who are the beneficial owners of the company and again that can be a very informal document as well frequently again it's in the formation documents but it can also be listed on just on the company letterhead that you know Nick owns 50 shares in Bret owns 50 shares of the 100 total and and that's that's it we get a lot of LLC's and single member LLC's men that never formally issued shares so frequently for the share registry we'll just have a document that says Pete Thomas of Thomas refinery hundred percent you know shares such a one hundred percent so even though they were never 50 individual there's issues yeah you got it it's a it's a single person LLC that that's frequently how I think thank you that no I think I definitely could be the case in a lot of small scrapyards no-necks that makes perfect sense and they are certainly eligible to do this you don't need to be a big player in the industry and and the benefits of what we do in that and the hedging translates to small businesses versus largely it's more important to me for the smaller individual to be protected versus the bigger the bigger guys can take a hit on a swing when we have 120 dollars swinging palladium that day I mean a lot of guys really get hurt versus what's going on with a smaller guy he just can't take the exposure and you can immediately add it really I think it's just more important for them yeah that that's a really good point yeah so share at registries pretty easy operating agreement typically you'll have a formal operating agreement particularly early if there's multiple owners back it's uploaded a copy of your most recent balance sheet and then and it doesn't have to be an audited balance sheet so again typically that that's at most business operators fingertips or certainly at the fingertips of their CFO there's a spot for miscellaneous documents if we asked for anything else and then finally the identity and and proof of address for the ownership any beneficial owner of the company or anybody that you're going to authorize to trade on your behalf so there may be an Operations Manager for example that you want to have access to the account and so we would just ask for we would add the individuals there and then they would upload a copy of their driver's license for example or any kind of official government-issued identification could be a passport and then each would also have to have their own proof of individual residency so again typically a utility bill is the is the easiest one to get for that so each individual so for example both you and and Brett might upload your electric bill from your personal residence and that's it so like if really quick and easy I like the seems even simple enough to add someone you know purchasing or in operations that helps sell the material add them I I think that would be important for a lot of the scrapyards you know I think that's well put a lot of guys actually just take their phone you know they're just an Apple phone and as their as their having product loaded on their truck they're just hedging it you know it's just yeah that yeah with the screen share with a phone okay I think that's very helpful quick and clean too important to know that it works on Android too so he likes Ravel I try it works on it works on all devices that's exactly and I think that's what we'll do on the later episodes we'll set up I'll probably take a real situation that we did yes here's the real weights yes he could run the real weight we bought this Thursday of this day you know yeah pretend we bought it today and we want to hedge it to stay safe yep I think it's smart you know you get you get palladium above $2,000 you want to start looking at maybe hedging and and I think it's a great idea if we could demonstrate to your people how they could how they can lay that risk offer and remember you don't have to sell all of it it's important if you've got 150 ounces of palladium you're saying yourself well we're at 2050 you know I'm into this at at 2000 you know maybe I want to lay this off but I'm only gonna do half just you just type in the amount that's any punch sell and it's done you know it's it that's an important point that we've we've talked about in the past but haven't mentioned specifically in this video right that our platform allows you to head down to the ounce in gold silver platinum and palladium and down to the pound in copper yeah it's awesome yeah so you're not you're not confined to having to do a hundred ounces of blame every time you do a trade you do what you have on hand and and that way you can mitigate risk all the way down to ten ounces what seven ounces whatever you happen to have and and then you don't worry about it anymore it's done cool I'm excited to run through those on you know maybe next week we could run through a scenario so that sounds great I'd love that all right well thanks guys for taking the time thanks for having us we appreciate I'm excited to share this with our customer base and and hopefully we can shed some light on the hedging process for all the scrap guys out there yep listen laughs well if they're if they have any questions they can certainly feel free to to reach out to us as well that's true we should we should definitely have a link in case somebody gets confused what we're seeing doesn't make sense they'd be terrific Thank You Victor yep all right thanks all right thank you so much [Music]