If your company has more than one owner, you can still open a Lili Business Checking account in just a few minutes. During the application, we’ll collect information about each person who owns a meaningful share of the business so we can verify your company and keep your account secure.
Who counts as an owner at Lili?
When you apply, we’ll ask you to tell us about anyone who owns 25% or more of the business. These are the other business owners whose information we’re required to collect.
If every owner holds less than 25%, you won’t need to list them individually in the application. In that case, you’ll complete the application using only your own information as the applicant.
Lili supports multi‑owner business structures including: multi‑member LLCs, S‑Corps, C‑Corps, General Partnerships, and Limited Liability Partnerships.
What information do I need for each owner?
For every owner who holds 25% or more of the business, you’ll need to provide basic personal and ownership details so we can verify their identity and confirm your ownership structure. Be ready with:
- Full legal name (as it appears on their ID)
- Phone number
- Date of birth
- Home address
- Social Security Number or Passport
- Ownership percentage in the business
In some cases, we may also request a government‑issued photo ID or additional documentation to complete our review. Having this information handy before you apply will help you move through the application quickly.
How the application works for multi‑owner businesses
When you start your Lili Business Checking application, you’ll first enter your own information and your company details, including business name, entity type, and business address.
During onboarding, you’ll see a question about whether your business has additional owners who each hold at least 25% of the company. If you indicate that it does, you’ll be prompted to add each of those owners’ details one by one. You’ll be able to:
- Enter each qualifying owner’s required information
- Specify each qualifying owner’s percentage of ownership
If no one else owns at least 25%, you can simply confirm that you are the only owner who meets that threshold and continue the application without adding additional owners.
What to expect after you submit
Once you’ve added all required owners and submitted your application, our team will review your information to verify both your business and its qualifying owners.
In some cases, we may ask you for additional documents, which can include:
- Business formation documents (such as Articles of Organization or Articles of Incorporation)
- Your EIN confirmation letter or other IRS documentation
- Proof of business address, like a utility bill, lease agreement, or bank statement
If we need anything else, we’ll reach out with clear instructions and a secure way to upload documents so you can keep things moving without slowing down your business.
Lili is a financial technology company, not a bank. Banking services are provided by Sunrise Banks, N.A., Member FDIC. The Lili Visa® Debit Card is issued by Sunrise Banks, N.A., Member FDIC, pursuant to a license from Visa U.S.A., Inc. The Card may be used everywhere Visa debit cards are accepted.
Wire Transfer services are provided by Column Bank N.A., Member FDIC. All wires are subject to acceptance criteria and risk-based review and may be rejected at the sole discretion of Column Bank N. A. or Lili App Inc.