Business details: what to enter and why (sign-up guide)

This guide walks through the Tell us about your business step of sign-up: why we ask for these details, how to fill them in so nothing gets held up later, and what to know if your business is an S-Corp or if you're setting up the account for the owner.

Why we need these details

Your business details go to our payment partner, Dwolla, which verifies your business so StretchDollar can move reimbursement money for your team. Dwolla checks them against IRS and state records, so they need to match your official paperwork exactly. A mismatch is the most common reason verification gets delayed.

How to fill in each field

  • Legal Business Name: enter it exactly as it appears on your IRS EIN letter (CP 575 or 147C), including "LLC", "Inc." and punctuation. If you go by another name, put that in DBA.
  • EIN: your 9-digit federal Employer Identification Number. Can't find it? See I can't find my EIN letter.
  • Business Classification and Industry: pick the closest match to what your business does. Dwolla uses this to verify you.
  • Business Type and Business Taxed As: choose what matches your tax filings, for example an LLC that has elected S-Corp status is "LLC" taxed as "LLC Taxed as S-Corp". Take a moment to get these right: once you continue, you can't change your tax status yourself, and changing your business type later means contacting our team.
  • Business address: a physical street address. PO boxes, virtual mailboxes (like a UPS Store) and registered agent addresses can't be verified. If your business doesn't have an office, use the address you run it from, such as your home.

If your business is an S-Corp

When you choose an S-Corp tax status, you'll be asked who you are. Here's what that means:

  • Owners can't take ICHRA reimbursements. The IRS treats anyone who owns more than 2% of an S-Corp, and their spouse and family members, as self-employed rather than as employees. That means they can't receive tax-free ICHRA reimbursements.
  • Your employees can. Everyone who isn't a more-than-2% owner can use the benefit as normal, and your business can still deduct what it contributes for them.
  • If you're the owner: choose "I am an owner". You'll still run the account as the admin; you just won't receive reimbursements yourself, and our team can still help you shop for a plan. Owners can usually deduct their own premiums through the self-employed health insurance deduction instead. Read Why can't S-Corp owners participate? and check with your CPA.
  • If there are other owners: the question only covers you. If other people own more than 2% of the business, let us know who they are at support@stretchdollar.com so they aren't offered reimbursements.

If you're not the owner

That's fine. Many accounts are set up by an office manager, HR lead or bookkeeper. A few things to know:

  • On an S-Corp, choose "I am not an owner, I'm setting up this account on their behalf".
  • Later, in Account Setup, you'll verify the business with Dwolla. That step asks for the personal details of the person completing it (name, date of birth, SSN and home address) and their job title. Dwolla needs this to be someone with authority over the business's finances, such as an owner, CEO, CFO or managing member. If that isn't you, ask us to add the owner as an admin so they can complete it: How do I add another admin?
  • You'll also need the details of anyone who owns 25% or more of the business (the beneficial owners), so it helps to have those ready.
  • As the admin you're also on the account as an employee, so you can accept or waive the health benefit for yourself.

Still have a question about this step? Ask it in the help window and we'll walk you through it.

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