NorthOne proudly supports Sole Proprietorships, LLCs, and Corporations.
A Sole Proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between the business and the owner.
LLC stands for "Limited Liability Company." An LLC protects its owners from personal responsibility for its debts or liabilities.
A Corporation is a legal entity owned by shareholders and can often have a board of directors who oversee the corporation’s activity.
A NorthOne application requires you to list all UBOs who own 25% or more of the business. Currently, we do not support businesses not owned by an individual(s).
NorthOne is a financial technology company, and not a bank. Banking services are provided by The Bancorp Bank; N.A., Member FDIC.