Tips on submitting the right Legal Entity information
Tips for submitting the legal entity information
When you’re filling the Legal Entity Section, it’s important to enter the correct information. The onboarding process might be delayed if incorrect information is filled in.
- Company name: This must be the name under which your business is registered, and is the same name appearing on the registries. Ensure there is a perfect match. For example, if your legal entity name is “John Doe’s Burgers and Fries LLC”, enter this exactly. Naming it “John Doe’s Burgers LLC” wouldn’t be sufficient).
- Trading name: refers to the name different from the registered legal name that you use for example for advertising and signs. If you don’t have one, leave it blank or enter the same as the company name.
- Company type should reflect the exact legal type found in business registries. You can select among:
- Private company: privately owned companies with transferable shares, run by 1 or multiple directors.
- Partnership: legal arrangements between natural persons or businesses (i.e between the partners) that are incorporated.
- Unincorporated partnership: legal arrangements between natural persons or businesses (i.e between the partners) that aren’t incorporated.
- 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.
- Non-profit: entities operating on a non-profit basis and registered as such.
- Listed public company: companies that have sold all or a portion of their shares to the public.
Learn more on this topic and practice what you’ve learned.Go to Essentials