addKybInformation

Know Your Business (KYB) Process

Endpoint allows to add the information required for Know Your Business (“KYB”) process. The aim is to verify business information with official records.

Employer Identification Number (EIN)

• Definition: An EIN, also known as a Federal Tax Identification Number, is a unique nine-digit number.
• Purpose: It’s assigned by the Internal Revenue Service (IRS) to business entities operating in the United States for the purposes of identification.

Entity Type: Importance in Payroll

• Role: The entity type helps determine taxation and reporting requirements.
• Why It Matters: Different types of business entities have different payroll needs and obligations. Knowing the entity type ensures accurate and compliant payroll processing.