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princedazzler

Beneficial Ownership 25% Ownership of business?

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New Law Requires Ownership to be Reported on Business Credit Card Applications

 

So anyone have experience with this lately  It seems alot of business credit applications are requiring your SS# and such now to get business credit

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Yes, you are required to provide beneficial ownership if anyone owns more than 25% of a company.  If all ownership is less than 25% then you can skip that step.  You'll still need to PG cash lines of credit either way.

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They say its NOT pg.  Its just for ID verification and they use Lexus Nexus to do so and it wont put a inquiry on your personal credit.

It appears to be in place to combat fraud  So strangers wont be able to open accounts in other peoples business names and that the person opening the account is truly a real person and officer of the company

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It's a barrier to do business, designed to prevent terrorism, but in reality how does that extra step create any benefit for anyone.  

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