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.
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.
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.
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:
Provide Found with official state documentation confirming the name change. We accept either:
A Certificate of Amendment, or
A screenshot from your state’s business search website clearly showing the name change was processed – displaying both the old business name and the new business name
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.
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.
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 or reach out through your Found app. We’ll review your account and let you know the best way to get everything set up correctly.
