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, from the Baselane Banking page, click ‘Add Account’. 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.
The application asks for beneficial owners. What if my LLC is owned by another 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, whether 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