How to submit the right legal entity information
When completing the legal entity section, it’s important to enter the correct information so the onboarding process doesn’t get delayed.Â
Here’s what each legal term means and what’s required:
Company name: This must be the exact name under which your business is registered. For example, if your legal entity name is “John Doe’s Burgers and Fries LLC,” enter this name. Naming it “John Doe’s Burgers LLC” wouldn’t suffice.
Trading name: Refers to the name that you use for marketing, branding, and/or advertising. It’s typically what your customers refer to you as, and is often different from your registered legal name. If you don’t have one, leave this section blank.Â
Company type: Reflects the exact legal type found in business registries. You can select among:
Private company: Privately owned companies with transferable shares, run by one or multiple directors (e.g. Ltd, LLC, Gmbh, SARL).
Partnership: Legal arrangements between natural persons or businesses (i.e between the partners) that are incorporated (e.g. PartG, LLP, SCI).
Unincorporated partnership: Legal arrangements between natural persons or businesses (i.e between the partners) that aren’t incorporated (e.g. GbR, SEP, GP).
Sole proprietor: Businesses owned and run by one single person and in which there’s no legal distinction between the owner and the business entity (e.g. EI, e.k.).
Non-profit: Entities operating on a non-profit basis and registered as such (e.g. e.V., Association).
Listed public company: Companies that have sold all or a portion of their shares to the public (e.g. AG, SA, Corp.).
Business registration number: Reflects the number under which the entity is registered in business registries.Â
Tip: Use this registry to find the expected format of your country.