Required Documents to Prepare for Your Cannabis Banking Application

Preparing to secure financial services for your cannabis business? Gathering the necessary documents in advance is crucial for a seamless application process.

Opening an account with Paybotic Financial, a cannabis-centric bank, requires specific documents to comply with regulatory standards and ensure a smooth setup. Key documents include: EIN/TIN Letter, Cannabis License, valid Driver’s License, Trade Report for DBA, Operating Agreement or Bylaws/Minutes, and financial records like Tax Returns or Balance Sheets. A Certificate of Good Standing is also essential. Gathering these documents beforehand will expedite the account opening process for your cannabis business.

Tier 1 Required Documents

Cannabis License Holder

EIN/TIN Letter

For established cannabis business owners looking to open an account with Paybotic Financial, a bank tailored to the unique needs of the cannabis industry, securing your EIN/TIN Letter is a crucial step. This official document from the IRS serves as proof of your business’s registration and compliance with tax laws, which is mandatory for account approval. To obtain your EIN/TIN Letter, you can request a copy directly from the IRS if you’ve misplaced the original. This can be done by calling the IRS Business & Specialty Tax Line or through written request, ensuring you provide the necessary identification details of your business. Remember, having this letter ready not only smooths the process of opening your account with Paybotic Financial but also reinforces your business’s credibility and legal compliance.

Cannabis License

For cannabis business owners aiming to bank with Paybotic Financial, possessing a valid Cannabis License is crucial. This document verifies your legal operation within the cannabis industry, meeting state and local laws. Keeping this license current and on hand is vital.

Driver’s License

This standard form of identification confirms your identity and residency, key components of the banking application process. Ensure your Driver’s License is valid and reflects your current information. A driver’s license is required for all owners with a 25%+ ownership.

Trade Report for DBA

A Trade Report serves as a declaration of your business’s trade name and is critical for establishing the legitimacy of your business under its operational name. To prepare for your account opening, ensure you have this report ready, showcasing the official registration of your DBA.

Operating Agreement (for LLC)

LLC owners must submit an Operating Agreement. This document outlines the ownership and operating procedures, establishing the framework within which your LLC functions.

  • Incorporated businesses should provide their Bylaws and Minutes, which detail the governance, regulations, and records of decisions or meetings, showcasing how the corporation is managed and operates.
  •  
  • Sole Proprietors need to present a Sole Member Affidavit, affirming the individual’s ownership and the business’s operational status under their sole management.

These documents are pivotal for verifying the structure, governance, and legitimacy of your business to Paybotic Financial. Ensuring these are accurate and up-to-date will facilitate a smoother account opening process, aligning with Paybotic Financial’s commitment to serving the cannabis industry’s unique banking needs.

Financials

You’ll need to provide one of the following:

  • Most recent Tax Return
  • 2-Year Pro-Forma (applicable if your business has been operating for less than 6 months)
  • Balance Sheet
  • Income Statement

These financial documents play a crucial role in illustrating the financial health and operational history of your business. Ensure that the document you choose to submit is current and accurately reflects your business’s financial status.

Certificate of Good Standing (only required if the business is more than 1 year old)

If your business has been operating for more than year, a Certificate of Good Standing is required. This document confirms your business is compliant with state regulations and has fulfilled all legal obligations, such as filing reports and paying necessary fees. Prior to applying for an account with Paybotic Financial, ensure you request this certificate from your state’s business filing agency.

Tier 2 Required Documents

Ancillary Cannabis Businesses

EIN/TIN Letter

This official document from the IRS serves as proof of your business’s registration and compliance with tax laws, which is mandatory for account approval. To obtain your EIN/TIN Letter, you can request a copy directly from the IRS if you’ve misplaced the original. This can be done by calling the IRS Business & Specialty Tax Line or through written request, ensuring you provide the necessary identification details of your business. Remember, having this letter ready not only smooths the process of opening your account with Paybotic Financial but also reinforces your business’s credibility and legal compliance.

Driver’s License

This standard form of identification confirms your identity and residency, key components of the banking application process. Ensure your Driver’s License is valid and reflects your current information. A driver’s license is required for all owners with a 25%+ ownership.

Trade Report for DBA

A Trade Report serves as a declaration of your business’s trade name and is critical for establishing the legitimacy of your business under its operational name. To prepare for your account opening, ensure you have this report ready, showcasing the official registration of your DBA.

Operating Agreement (for LLC)

LLC owners must submit an Operating Agreement. This document outlines the ownership and operating procedures, establishing the framework within which your LLC functions.

  • Incorporated businesses should provide their Bylaws and Minutes, which detail the governance, regulations, and records of decisions or meetings, showcasing how the corporation is managed and operates.
  •  
  • Sole Proprietors need to present a Sole Member Affidavit, affirming the individual’s ownership and the business’s operational status under their sole management.

These documents are pivotal for verifying the structure, governance, and legitimacy of your business to Paybotic Financial. Ensuring these are accurate and up-to-date will facilitate a smoother account opening process, aligning with Paybotic Financial’s commitment to serving the cannabis industry’s unique banking needs.

Financials
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Certificate of Good Standing (only required if the business is more than 1 year old)

If your business has been operating for more than year, a Certificate of Good Standing is required. This document confirms your business is compliant with state regulations and has fulfilled all legal obligations, such as filing reports and paying necessary fees. Prior to applying for an account with Paybotic Financial, ensure you request this certificate from your state’s business filing agency.

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