Business Ownership Documents Guide
To complete the onboarding process, businesses must submit ownership documentation. This guide specifies the acceptable ownership documents for each type of business entity.
Definitions
Ultimate Beneficial Owner (UBO): The individual or entity with complete ownership and control over a business, institution, or legal entity.
Control Person (if different from the UBO): An individual with significant responsibility to control or direct the business, typically an executive officer (CEO, CFO, COO, President) or Director.
Ownership Document Requirements
requires verification of all individual UBOs owning 25% or more of the underlying entity.
Self-generated documents confirming shareholders should be dated and signed by a lawyer or third-party CPA.
Detailed capitalization tables from recognized equity management companies (e.g., Carta, AngelList, Securitize) do not require third-party signatures.
Documents must clearly account for 100% ownership.
For entities owned by other entities, similar documents verifying subsidiary shareholders are needed.
Documents should list the name of the entity they pertain to.
If an entity lacks individual shareholders, control persons such as directors and officers must be confirmed.
Ownership Document Templates
You can find templates below that will be accepted as ownership documentation. Before using, please consult your company's CPA / legal to ensure the documents below comply with your internal requirements and ownership structure.
Acceptable Ownership Documents by Entity Type
Sole Proprietorships
Business License – listing the sole proprietor as the owner.
Trade Name Registration (DBA) – indicating the owner if operating under a different name.
Tax Filings – individual tax returns (Schedule C) showing business income and expenses.
Partnerships
General Partnerships (GP)
Partnership Agreement – listing partners and their ownership interests.
Certificate of Partnership – if registered, listing the partners.
Trade Name Registration (DBA) – including partner information.
Limited Partnerships (LP)
Certificate of Limited Partnership – filed with the state, naming partners.
Limited Partnership Agreement – detailing ownership, roles, and contributions.
Schedule of Partners – listing all partners and ownership percentages.
K-1 Forms – showing each partner's share of profits/loss.
Limited Liability Partnership (LLP)
Registration of LLP – filed with the state, listing partners.
LLP Agreement – listing partners and their ownership interests.
K-1 Forms – for tax purposes, showing each partner’s share.
Corporations
Articles of Incorporation – listing shareholders (directors or officers alone are insufficient).
Stock Certificates – representing shareholder ownership.
Shareholder Ledger or Cap Table – listing all shareholders and ownership percentages.
Shareholders' Agreement – detailing shareholder ownership.
Board Meeting Minutes – noting shareholders and ownership.
SEC Filings (for public companies) – listing significant shareholders.
K-1 Forms – for tax purposes, detailing each shareholder’s share.
Limited Liability Company (LLC)
Articles of Organization – sometimes listing members.
Operating Agreement – detailing ownership structure, contributions, and interests.
Membership Certificates – representing ownership.
Membership Ledger – tracking members and interests.
K-1 Forms – showing members’ share of profits/loss.
IRS 147(c) EIN Letters – for single-member LLCs.
Nonprofit Organizations
Nonprofits typically lack individual beneficial shareholders. Confirm control person(s) instead.
Articles of Incorporation – filed with the state, listing directors/founders.
Bylaws – defining governance, listing directors/officers.
Board Meeting Minutes – documenting controlling parties.
IRS Determination Letter – confirming tax-exempt status.
Annual Reports – listing current directors/officers.
Foundations
Foundations generally lack individual shareholders. Confirm control person(s) instead.
Articles of Incorporation – listing directors or founders.
Trust Documents – listing trustees or board members.
Bylaws – defining governance and control structure.
Board Meeting Minutes – detailing controlling parties.
IRS Determination Letter – confirming tax-exempt status.
Annual Reports – listing directors/officers.
Decentralized Autonomous Organizations (DAOs)
Membership Agreements – listing ownership percentages of members or token holders.
Voting Records – detailing decisions and controlling parties.
Additional DAO Documents:
White Paper
Membership or Token Agreement
Governance Framework
Trusts
Trust Deed – establishing the trust and outlining trustor, trustee, and beneficiary roles.
Certificate of Trust – confirming the trust’s existence and trustee authority.
Notarized Trustee’s Affidavit – verifying identity and authority of trust parties.
Cooperatives
Articles of Incorporation – filed with the state, listing members.
Membership Agreement – detailing membership terms, rights, and responsibilities.
Membership Ledger – listing members and their ownership/voting rights.
Members’ Meeting Minutes – documenting decisions and changes in control.
Share Certificates (if applicable) – representing ownership or contributions.
Alternative Business Ownership Documents
If standard documents are unavailable, the following may help confirm ownership:
Ownership Org Charts – visualizing complex structures with shareholding percentages.
Signed Ownership Attestation Letter – confirming UBOs and percentages, signed by a lawyer or third-party CPA.
Capitalization Table – listing shareholders and ownership percentages, signed by a lawyer or CPA.