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PRIMARY CONTACTS - BENEFICIAL OWNERS - STAKEHOLDERS
When registering an LLC for a PatriotBuySell business account, to comply with "Know Your Customer" (KYC) government regulations, you are generally required to identify:
Primary Contact or Registered Agent (at least one) (a registered agent may act as a primary contact)
Beneficial Owner (at least one) that owns 25% or more of the company.
Stakeholders (officers or directors) that own 25% or more of the company.
This is mandated by the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the U.S. Department of the Treasury, under the Bank Secrecy Act (BSA).
FinCEN requires KYC for all business entities, including single member LLCs.
Note: For a single-member LLC, you will typically list yourself as the primary owner and beneficial owner.