Verifying your EIN

To comply with banking regulations, we’re required to verify your business name and Employer Identification Number (EIN) with the IRS. Sometimes we can’t confirm this automatically, and we’ll need you to provide documentation instead.

Below are some common reasons why automatic verification may fail, along with potential steps on how to resolve each issue.

You converted from a sole proprietorship to an LLC or Corporation

• Why this happens: The IRS may still have your EIN linked to your sole proprietorship (under your personal name), not your new business entity. In most cases, you’ll need a new EIN for the LLC or Corporation.

• How to resolve:

  • Apply for a new EIN for your LLC or Corporation.

  • Once completed, download the CP-575 EIN verification letter (PDF) and submit it to Found.

Your EIN is for a different business

• Why this happens: If the EIN was originally issued for another business entity, it won’t match the business you registered with Found.

• How to resolve:

  • Apply for a new EIN for your LLC or Corporation.

  • Once completed, download the CP-575 EIN verification letter (PDF) and submit it to Found.

Your business name changed since you originally created your EIN

• Why this happens: If you updated your business name with the state but haven’t notified the IRS, the IRS still has your old business name on file.

• How to resolve:

  • Send a signed name change request to your regional IRS office. Include a copy of the Certificate of Amendment from your state confirming the name change.

  • Once processed, the IRS will mail you a LTR-147C verification letter. Submit this letter to Found.

You recently created an EIN

• Why this happens: It can take a couple of weeks for the IRS to update their database. During that time, we can’t confirm your EIN automatically.

• How to resolve:

  • Provide Found with a copy of the IRS CP-575 EIN verification letter from when you first created the EIN.

  • If you don’t have a copy, call the IRS at 1-800-829-4933 to request an LTR-147C verification letter, which will be sent via mail or fax. Submit this letter to Found.

You’re a single-member LLC and don’t have an EIN yet

• Why this happens: Even if you’re taxed as a sole proprietorship, Found requires every LLC to have an EIN.

• How to resolve:

  • Apply for a new EIN for your LLC.

  • Once completed, download the CP-575 EIN verification letter (PDF) and submit it to Found.

Your business is not actually an LLC or Corporation

• Why this happens: Even if you have an EIN, your business is still considered a sole proprietorship if you haven’t formally registered as an LLC or Corporation with your state.

• How to resolve:

  • If you’re new to Found, select “Sole proprietor” when creating your account.

If you’re already a Found customer, email us at help@found.com. We’ll review your account and let you know the best way to get everything set up correctly.