Introduction to Business

Business is a registered entity with a legal name.
Introduction to Business
 last updated: 
December 15, 2021

Business is a legal entity that:
- belongs to an entity type (corp, LLC, sole proprietorship, partnership, etc.).
- has a tax identification number (called TIN or EIN).
- has owners (those with over 25% ownership need to be disclosed to create a bank account).
- has an applicant that applies for a bank account (control person).
- verifies the business information via Know Your Business (KYB) process.
- creates a business bank account on Applicant's (person) KYC and Business's KYB approval.