When applying for a Lili account and your business has multiple owners, Lili will ask you to provide each UBO's personal details, in order to verify the validity of the business.
What is a UBO (Ultimate Beneficiary Owner)?
A UBO is a business owner that holds at least 25% ownership of the business. At this time, Lili only accepts individuals (natural person*) who are US residents as UBOs (requires an SSN). If your business does not have a UBO (meaning that you, the account owner, are the only UBO), you can specify this during the onboarding process.
What is a multi-owner business type?
- Multi-member LLCs
- General Partnerships
- Limited Liability Partnerships
* natural person - an individual human being, distinguished from the broader category of a legal person, which may be a private or public organization.