Verifying your LLC or Corporation

To comply with banking regulations, we’re required to verify that LLCs and Corporations are registered in the state where they operate, and that the business is active and in good standing.

Below are some common situations, along with potential steps on how to resolve them.

Your business is inactive, dissolved, or not in good standing

This can happen if you missed a required filing or fee with your state.

How to resolve: The specific resolution process differs by state and business status, but typically you’ll need to:

• Log in to your state’s online business portal.

• File any missing reports and pay any past-due balances.

• Apply for reinstatement.

Once your business is reinstated, submit official documentation to Found. We accept either:

• A Certificate of Good Standing, or

• A screenshot from your state’s business search website.

Note: The exact steps may also vary depending on your business’s specific circumstances. If you’re unsure where to begin, a good place to start could be calling your state’s business filing agency (e.g. Secretary of State).

You formed your business in one state, but are located in another

How to resolve: Register your business as a “foreign entity” (a process called foreign qualification) in the state where your official business address is located. Once approved, submit official documentation to Found. We accept either:

• A Certificate of Authority, or

• A screenshot from your state’s business search website

Your business name recently changed

If you recently updated your business name with the state, there may be a delay before we can verify it automatically.

How to resolve: File a name change request with your state’s business filing agency (e.g. Secretary of State). Once approved, submit official documentation to Found. We accept either:

• A Certificate of Amendment, or

• A screenshot from your state’s business search website

You recently formed your business

If you recently formed your business, there may be a delay before we can verify it automatically.

How to resolve: Submit your official formation document to Found. We accept:

• LLCs: Articles of Organization or Certificate of Formation

• Corporations: Articles or Certificate of Incorporation

• A screenshot from your state’s business search website

Note: The exact state agency and document name may differ by state.

You haven’t formed your business with the state

How to resolve: Form an LLC or Corporation with your state’s business filing agency (e.g. Secretary of State). Once approved, submit official documentation to Found. We accept:

• LLCs: Articles of Organization or Certificate of Formation

• Corporations: Articles or Certificate of Incorporation

• A screenshot from your state’s business search website

Note: The exact state agency and document name may differ by state.