Verification for LLC

Hi,

  1. Does the controller of a business have to be listed on the EIN Document?

  2. If there is no one who owes more than 25% of the LLC then do you need a document certifying that?

  3. The address on the EIN document is listed as a PO Box, we put the physical address the business operates out of on the account, do you need a verification of that?

Thank you

Hi @Court_Olympia

1. Does the controller of a business have to be listed on the EIN Document?

No they’re not required to be listed on the EIN doc, the controller of the business should be an individual with significant responsibility for managing the business, such as: a senior manager or executive officer ((CEO, CFO, COO, managing member, general partner, president. vice president, treasurer) or any other individual who regularly performs similar functions

2. If there is no one who owes more than 25% of the LLC then do you need a document certifying that?

No, if there is no individual who owns 25% or more of a particular LLC, we do not require a document to prove this.
All we require is that the account admin signing up for the account to certify that they have input all information, including any and all beneficial owner information, as complete and correct
https://developers.dwolla.com/resources/business-verified-customer/handling-beneficial-owner-certification.html

3. The address on the EIN document is listed as a PO Box, we put the physical address the business operates out of on the account, do you need a verification of that?

Yes, Dwolla will require the physical address the business operates out of or at least it should be correlated to the business.
On Customer creation and verification, Dwolla will perform a verification check to ensure that the business is who they say they are. If a business is to put a PO Box, we cannot verify this business. They will then be put into a retry or document status to fix this issue and input their physical address.
https://developers.dwolla.com/resources/business-verified-customer/handling-controller-and-customer-statuses.html