To complete and activate your Workyard Expense application, you’ll need to complete a Know Your Business (KYB) verification. This is required by financial regulators and helps keep your business account secure and compliant.
Below is everything you need to know before starting the verification process.
Business Types Explained
Single-Member Business
A single-member business is a business that has only one owner. Common examples include:
Single-Member LLCs
Sole Proprietorships / Disregarded Entities
Corporations with a single shareholder
If you are the only owner, your business is considered Single-Member.
In this case:
You will not need to provide additional beneficial owner information.
Multiple-Member Business
A multiple-member business has two or more individuals who own part of the company.
This includes:
Multi-member LLCs
Corporations with multiple shareholders
Partnerships
If ownership is split between multiple individuals, your business is considered Multiple-Member.
In this case:
You’ll need to provide details for each beneficial owner with 25% or more ownership.
What Is a Beneficial Owner?
A beneficial owner is any individual who:
Directly or indirectly owns 25% or more of the company, or
Has significant authority over business decisions
Examples of beneficial owners:
A founder with 40% equity
Two partners with 30% ownership each
A shareholder who owns 25% or more
Workyard requires details for each person who owns at least 25% of the business.
Information Required for KYB Verification
To complete KYB, you’ll need to provide business details, control person information, and—if applicable—beneficial owner information.
1. Business Information (All Businesses)
You’ll be asked to provide:
Legal Business Name
Employer Identification Number (EIN)
Entity Type
Business Category/Vertical
Business Phone Number (used for verification)
Year & State of Incorporation
Business Physical Address
2. Control Person Information
The control person is the individual with the highest level of operational authority.
For single-member businesses, this is usually the owner.
For multiple-member businesses, this may be the CEO, Managing Member, or another executive with decision-making authority.
Required information:
Full Name
Phone Number (used for verification)
Date of Birth
SSN (securely processed)
Job Title
Occupation
Physical Address
3. Additional Information (Multiple-Member Businesses Only)
If your business has more than one owner, you must provide details for each beneficial owner (25%+ownership):
Full Name
Email Address
Phone Number (used for verification)
Date of Birth
SSN (securely processed)
Physical Address
Occupation
Percentage of Ownership/Equity stake (%)
Next Steps
Once all required information is submitted, your KYB verification will be processed. You’ll be notified as soon as your Workyard Expenses account is approved and ready to use.
If you have questions or need help during setup, our support team is here to assist. Email help@workyard.com.