Can I use a Found account if my business has multiple owners?

Yes! Found supports businesses with multiple owners, including multi-member LLCs and corporations. You can add up to 4 beneficial owners in addition to the primary account holder, which you will do during the account opening process.

How to open an account with multiple owners

Step 1: Note that you are a multi-owner business

After selecting your business structure as either LLC or Corporation in the account opening process, select “No” to the question “Are you the only owner?”

In order to verify your business, we will need your legal business name, legal business address, and EIN. 

Step 2: Enter your legal business name

Important: Please enter the legal business name used when you registered with your state during formation or incorporation (e.g., on the Articles of Organization, Articles of Incorporation, or Certificate of Formation), not any other names you may be using for business purposes (e.g., trade names or DBAs). You can add DBA names later, once you have opened an account.

Step 3: Enter your nine-digit EIN number

An EIN (Employer Identification Number), sometimes called a Federal Tax ID or FEIN, is a nine-digit number issued by the IRS to identify your business for tax purposes.

Tip: You can find it on IRS letters, tax returns, or bank statements. If you can't locate it, you can call the IRS at 800-829-4933.

Step 4: Enter the percentage of the business you own

Make sure that you do not enter 100% here, since other people need to have at least some ownership in order to qualify as a multi-owner business. You will be able to add additional owners with their percentage of ownership on a later screen in onboarding.

Step 5: Enter additional business details

Enter details about your business, including business type, estimated annual revenue, and the legal business address used to register the business.

Step 6: Enter your date of birth and social security number 

This information is used for verification purposes.

Step 7: List any officer or anyone who owns 25% or more of the business

Tip: For verification, you will need each owner’s date of birth, social security number, and home address as it appears on legal documents. Enter this information when you add each owner.

Step 8: Submit additional documents for verification, if requested

Complete the account opening process by accepting our terms, ordering your Found debit card, and making a deposit into your account.

If we are not able to automatically verify your business after you accept our terms and conditions, we may ask for some of the following documents for additional verification:

• EIN confirmation letter

• Business formation or incorporation documents 

  • LLCs: Articles of Organization and/or Certificate of Formation

  • Corporations: Certificate / Articles of Incorporation

• Proof of business address, one of the following:

  • EIN Confirmation Letter

  • Business formation or incorporation documents 

  • Utility Bill

  • Bank Statement

  • Lease Agreement

FAQs

• Does each co-owner get a different Found log in?

Currently, we only support one log in per Found account. If you have multiple owners that want access to your Found account, you will share the same log in.

Alternatively, you can share select access to your account’s activity, reports, and tax documents with co-owners through our Accountant Access feature.

• Can I issue a debit card to each co-owner?

  You can share virtual cards with additional owners or order additional physical cards, though any additional physical cards currently need to be in the account holder’s name and mailed to the account holder’s address on file. 

• Can I change my legal business name after opening an account?

You can add dba names once in your Found account, but you cannot change the incorporated business name or account ownership percentages after opening an account. Please make sure that these are accurate when you enter them in the account opening process.