A sole proprietorship filing is an official document that confirms an individual is legally operating a business under a registered name. It shows that the business has been filed with the relevant state, county, or municipal authority, and that the owner and the business name are on record with that authority.
Unlike a corporation or an LLC, a sole proprietorship does not create a separate legal entity. The business and the owner are legally the same person. Because of this, the documentation looks different. Rather than a certificate of formation, what we need is evidence that the business name has been registered with a government authority and that it is tied to a specific individual.
This is sometimes called a DBA filing, which stands for Doing Business As. It is also referred to as a fictitious business name registration or an assumed name certificate depending on the state.
Even though a sole proprietorship is the simplest business structure in the United States, we are still required to verify that it is legitimately registered and that the person applying is the owner. This is part of the Know Your Customer process that all regulated financial institutions are required to follow.
Without a registered filing, there is no official record connecting the business name to an individual, which means we cannot complete the verification required to open and maintain your account.
The document you submit must clearly display all of the following:
Required information | Details |
|---|---|
Registered business name | The trading or business name that has been registered, including any DBA name. |
Full legal name of the owner | The individual who owns and operates the business. |
State or county of registration | Where the filing was made. |
Date of registration or filing | When the business name was officially registered. |
Issuing authority | A stamp, seal, or reference confirming it was issued by a government authority. |
Any of the following will be accepted, provided they include all of the required information listed above:
Requirements vary by state. Some states require sole proprietors to register at the county level, others at the state level, and some require both. If you are unsure what applies to you, the website of your local county clerk or Secretary of State is the best place to check.
Below is an example of an acceptable document. Use this as a reference when preparing your submission.
If you are unsure which document to submit or whether your filing meets our requirements, contact our onboarding support team before submitting. We are happy to take a look and confirm before you go through the process of gathering documents.