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How do I open a Baselane Banking account?
How do I open a Baselane Banking account?

Landlord Support

Mohanad A. avatar
Written by Mohanad A.
Updated over a week ago

Opening a Baselane Banking account is a quick 2-minute process and does not affect your credit score in any way!

To open a Baselane Banking account, first sign-up for a free landlord account. Once you have created a landlord account, click 'Add Account' from the Baselane Banking tab. You will have the option to open a Baselane Banking account as an individual (sole proprietor) or as a business entity (LLC, corporation, or partnership).

You will be asked to provide some identifying information about yourself so we can run the required identity checks. If you are applying for a business bank account you will need a U.S. company, and be able to provide its federal EIN and its official formation documents.

Frequently Asked Questions

The application asks for beneficial owners. What if another LLC owns my LLC?

It is common for real estate investors to protect their investments with parent/child LLCs or Series LLCs. However, regulatory compliance still requires Baselane to conduct KYC on any individual who, directly or indirectly (ie. via ownership in another LLC), owns >25% of the LLC.

For example, let's assume that "Parent LLC" is 50% owned by John Smith and 50% owned by Jane Smith, and you would like to open a bank account for "Child LLC" that is 100% owned by "Parent LLC". In this case, please list John Smith (50%) and Jane Smith (50%) as beneficial owners in your application for "Child LLC".

The application is asking for an EIN. What if I'm applying for a Single-Member LLC, and I use my SSN instead of an EIN?

You will not be able to apply for a Single-Member LLC account and use your SSN if you do not have an EIN. This is because all applications for a Business Entity Baselane Banking account require an EIN - this is a requirement from our partner bank's team.

The reason for this is that unlike a Sole Proprietor account, which is an unregistered business entity using for the most part the single owner's name, a Single-Member LLC registers the business entity with the state and separates the personal assets of the single owner from that of the business. Therefore, we require an EIN for a single-member LLC.

I submitted my application, and now I'm being asked to provide more documents. What documents can I provide? What document types are accepted?

After you've submitted your application, you may be asked to provide additional documents to support the information you've provided.

When uploading the requested document(s) it is important to note, that you must provide an original view of the document(s). This means that screenshots, scans, or photocopies are not accepted.

Below is a list of the approved document types for both individual and business entity applications:

Business or Individual

Verification Type

Approved Document Types

Notes

Individual

Identity Verification

  • Driver's License

  • State ID

  • Passport/Passport Card

  • Permanent Resident Card/Green Card

  • US Visa Card

  • State-issued Driver’s Permit

Must include an unexpired government-issued photo ID

*Other foreign photo IDs may be approved as needed

*A birth certificate may also be accepted if an ID is required to verify the date of birth

*Front and back images of all ID documents are required (except passports)

Individual/Business

Address Verification

  • Utility Bill

  • Bank Statement

  • Lease Agreement

  • Pay Stub

  • Insurance Bill/Statement

  • Driver’s License

  • Incorporation Documents

  • EIN Letter

Any document used to verify the address must be current within the last six months to be considered valid

Individual

SSN Verification

  • Filed Tax Return

  • W-2

  • Social Security Card

  • 1099

Tax return or W-2 must be current within the past two filing years

Business

EIN Verification

  • EIN Letter from the IRS

  • Filed Tax Return

Tax returns must be current within the past two filing years

Business

Business Verification

  • Certificate of Incorporation

  • Articles of Incorporation

  • Partnership Agreement

  • Articles of Organization

  • Corporate Resolutions

  • LLC Operating Agreement

  • Certificate of Assumed Name

  • Certificate of Formation

  • Trust Agreement

  • Organization Documents

*If a business is international, proof of organization/incorporation internationally may also be required

When applying for a Baselane Banking account, which account type will open with it?

Once your application for a Baselane Banking account has been approved, the account will be opened with the main Checking account only. You will have to manually open a Savings account and/or additional Checking accounts afterwards.

Can I close the main checking account in my Baselane Banking account?

No, you must keep your main checking account open, since it is only possible to fund your Savings account through your Checking account(s).

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