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. You will also be able to state at that time, which UBOs should be granted full account access.
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.
UBOs are associated with the following business types:
- 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.
Lili is a technology company and not a bank. Banking services are provided by Choice Financial Group, Member FDIC. The Lili Visa® Business Debit Card is issued by Choice Financial Group, Member FDIC, pursuant to a license from Visa U.S.A.