Business representatives
About business representatives
A business representative is someone with financial ownership or significant control over a business entity. In order to meet federal regulations, Moov is required to collect and verify information about these individuals. We have two categories for business representatives:
- Controllers
- Owners
If you’re providing information for a business representative, they must be either a controller or an owner (see below for more information). In some instances, the controller and owner can be the same person. If this is the case, set both isController and isOwnerto true. We allow a maximum of 7 business representatives for a Moov account.
Controller
In compliance with regulatory guidelines, we require you to provide information for at least one verified business representative who exercises significant control over the company. You can do this by creating and verifying a representative with isController = true. Some examples of business representatives include the CEO, COO, Treasurer, President, Vice President, or Managing Partner.
Financial ownership
Additionally, we are required to verify all individuals with a ≥25% ownership stake of the company. Ownership information can be provided by creating a representative where isOwner = true and providing the ownershipPercentage. If the representative you’ve created does not own ≥25% of your company, you can indicate that by making sure isOwner = false and leaving the ownership percentage field blank.
Requirements
Below, we’ve consolidated the data requirements for owners and controllers.
| Required information | Owner | Controller |
|---|---|---|
| Legal name | yes | yes |
| Personal address | yes | yes |
| Email or phone # | yes | yes |
| Date of birth | yes | yes |
| Last 4 of SSN* | yes | yes |
isController |
not required | yes |
| Job title | not required | yes |
isOwner |
yes | not required |
| Ownership percentage | yes | not required |