To quickly complete your merchant application you will need to state how your business is structured.
All business structures need to provide a Social Security Number or Tax ID Number (TIN), date of birth, and home address for each individual who owns at least 25% of the business. All business structures also need to provide the bank name, ABA Routing Number, and account number for the business bank account.
Common business structures are:
Sole Proprietorship
The business is owned by one person and tied to that person’s Social Security Number or Taxpayer ID Number.
Limited Liability Company (LLC)
The business is officially registered as a LLC and the legal business name typically includes LLC.
Private Corporation (including C and S corporations)
The business is privately owned and is registered as a C or S corporation. The legal business name typically includes Inc.
Partnership (including GP, LP and LLP)
The business has shared ownership and is either unincorporated or registered as a General Partnership, Limited Partnership, or a Limited Liability Partnership. The legal business name may include GP, LP or LLP.
Nonprofit organization
An organization or group that has been organized as a Not-For-Profit Corporation and has 501(c)(3) or other legal status as a nonprofit.
Government Entity
An entity that has been organized by a national or local government authority.
Publicly Traded Company
The business is a corporation that is publicly owned by shareholders who have ownership in the company and where shares are publicly traded on a stock exchange.
If there are no owners with at least a 25% stake in the company or if the organization is a nonprofit or governmental entity, then the person authorized to submit the application (often known as the Authorized Controller or Control Prong) will need to provide their Social Security Number, date of birth, and home address in the “Add an Owner” section.
