Applied for the Chase Marriott Business card couple of weeks ago, got a letter saying they need proof of my legal name and business address.
So I faxed in my Driver license, thinking it has both my name and my address on it...But then they send another letter, asking for the samething...I called and they said they want either of the following as proof of my business address:
-Article of Incoporation
Certificate of Formation
IRS TIN confirmation letter
Utility bills with the company name-
Now, I am just a small business that operates out of my house with minimum income ($10k or so, sole proprietorship), never filed for LLC or anything...what do one do in this situation?
How did you submit your application, did you select Sole Prop or LLC? (drop-down options)
If you are close to a Chase branch your best bet is to stop by and speak to a BRM and take the required docs. Your DL will not be sufficient in most cases, even if your application was submitted as a Sole Prop. It may have met the intitial requirement as far as the Authorizing Officer or Beneficial Owner, but not for the Business Entity.
You'll definitely need a utility bill (see the list of acceptable ones from the letter) that is in your name (or Business Entity/DBA) or other documents required for verification (e.g. sales tax permit, tax account transcripts from the IRS, etc.) Also, if you are a Sole Prop, some states may require that you are registered.
I am pretty sure I put it down as sole proprietorship, but with a diff business name as my name...
Would that make a difference?
Do I have to call them and have the name change it to just my first and last name?
Btw, I do have a business license from the city...but that wasn't on their list of docs...
Well to some banks you’re not actually a business. Back in the day I had and Amex business card and all I had to do was tell Amex the name of my business and that was it.
Now banks require you to actually have (what they call) a “real” business. If you do not have any of those documents, banks look at you like you have a hobby not a business.
Lets say you have a sole proprietorship so you don’t have articles of incorporation doc’s etc. Your name is “Dan” and your business is “Dan’s house of widgets”. Well you still technically need a DBA (Doing business as), and with very few exceptions you need a business license. Sure the Secretary of State doesn’t have the capacity to verify everyone doing business from their home has a business license but banks do. And more banks are requiring you present all the necessary docs to get business credit. Mainly because there has been a sharp rise in business credit fraud.
It sounds like you don’t have a TIN (tax Id number for your business). Of the items they requested that’s the quickest to get but you need to decide if you want to add that level of complexity to your business finances. Personally I think it’s dangerous not to do it, but I prefer it because it keeps my business separate from my personal.
ok, got a EIN, faxed back the stuff to chase, and was approved for 5k...
(I did burn them in a bk back in 2011, and is at lol / 24, so I guess 5k is generous)