During onboarding, users must provide information about their business including Business Type and Structure. If you filed documents to register your business with a government agency, your Business Type is probably Company. Otherwise, it is probably individual. Consult a professional for assistance if you are unsure.
If you are not the business owner, ensure you consult them to determine the correct Business Type and Business Structure.
If you are the business owner and unsure, consult the guidance below
If you filed documentation to register your business with a government agency
Your Business Type is likely to be Company, and your Business Structure would depend on the specific documents you filed.
🔎 If you chose Individual, you will need to provide your SSN number.
If you chose Company or Non-profit - you will need to add your EIN number only.
If you are unsure of your Business Structure, refer to the documents you filed to register your business, or consult your lawyer or tax professional.
If you have incorporated your legal entity and are a registered non-profit or charity, your Business Type is likely to be Non-profit organisation.
If you have not filed paperwork to register as a business entity
Your Business Type is likely to be Individual, and you won't need to select a Business Structure.
FAQ
Q: What's the difference between Sole Proprietorship and a Single-Member LLC?
A: A Sole Proprietorship means you and your business are the same, so you’re personally responsible if anything goes wrong. A Single-Member LLC makes your business a separate legal entity, protecting your personal assets from business issues. Both are taxed the same unless you choose to have the LLC taxed like a corporation.