Can this Statement be e-signed?

Yes. Electronic signatures meet federal ESIGN standards (15 U.S.C. ch. 96) and UETA where applicable, provided the signature demonstrates signer intent, consent to transact electronically, attribution, and reliable record retention.

What if the EIN is wrong?

An incorrect EIN can trigger IRS backup withholding and late-filing penalties for payers. Correct the error promptly and provide a corrected statement; retain proof of correction and communication for tax records.

Who may sign on behalf of the company?

An officer, corporate secretary, or an authorized agent with a documented delegation may sign. When authority is delegated, retain supporting minutes, a power of attorney, or an officer’s certification evidencing that delegation.

Is notarization required?

Not generally required for a Business Information Statement unless the requester or state law specifically demands notarization for attestations; confirm requirements with the recipient.

How do I correct a submitted form?

Provide a corrected and dated Statement and communicate the correction to the requester. Keep a copy of both versions and any correspondence documenting the change for audit and tax purposes.

How long should I retain records?

Follow applicable federal and industry retention rules: at minimum retain tax-related records for 3 years (IRC §6501(a)), and HIPAA-related documents for 6 years (45 CFR §164.530(j)); consult counsel for state-specific requirements.

Electronic Signature
Templates
Miscellaneous
Business Information Statement

Business Information Statement

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

Business Information Statement

WHEREAS / RECITALS

WHEREAS, Business Name: (hereinafter "Business") conducts operations and provides services as described below;

WHEREAS, Requesting Party Name: (hereinafter "Requesting Party") requires accurate corporate and operational information for contractual, payment and compliance purposes;

NOW, THEREFORE, Business furnishes the following statement of its legal, organizational and operational information, and the parties agree to the terms set forth in this Business Information Statement and accompanying agreement provisions.

BUSINESS IDENTIFICATION

Business Legal Name DBA / Trade Name (if any) Federal Tax ID / EIN Entity Type (select all that apply)

Corporation Limited Liability Company (LLC) Partnership Sole Proprietor Other

State or Jurisdiction of Formation

Date of Formation:

Principal Address Mailing Address (if different)

Business Phone

Business Email

PRIMARY CONTACT

Primary Contact Name Title

Contact Phone

Contact Email

Business Purpose / Brief Description of Activities

NAICS / Industry Code

Number of Employees

Annual Gross Revenue

AGREEMENT PROVISIONS

Scope of Work

The Business agrees to perform or make available the services, deliverables and business capabilities described below. This statement of work identifies the nature of services to be provided, responsibilities of each party, and any deliverable schedule.

Detailed Scope of Work

Payment Terms

Total Contract Amount: $

Payment Schedule / Milestones

Late Payment Fee: % per month on overdue balances; or a flat fee of $, whichever is greater. Interest and fees are cumulative until paid.

Term and Termination

Term Commencement Date:

Term Expiration Date:

Either party may terminate this Agreement for convenience upon days' prior written notice. Termination for material breach is effective upon written notice if the breaching party fails to cure within days after receiving notice specifying the breach.

CONFIDENTIALITY

Each party acknowledges that during performance it may receive confidential or proprietary information of the other party ("Confidential Information"). Confidential Information shall not include information that is (a) publicly known without breach of this Agreement; (b) independently developed without use of the disclosed Confidential Information; or (c) rightfully received from a third party without restriction. Each party shall (i) use Confidential Information solely for the purposes of performing obligations under this Agreement, (ii) restrict disclosure to employees, agents or subcontractors who have a need to know and who are bound to confidentiality obligations at least as protective as those hereunder, and (iii) take commercially reasonable measures to protect such Confidential Information from unauthorized disclosure. Disclosure required by law is permitted only after providing prompt notice and cooperating to seek protective relief when practicable.

GOVERNING LAW; DISPUTE RESOLUTION

This Agreement shall be governed by and construed in accordance with the laws of the State of , without regard to conflict of law principles. The parties shall attempt in good faith to resolve disputes promptly by negotiation. If unresolved, disputes shall be resolved in the state or federal courts located within the chosen governing jurisdiction.

ENTIRE AGREEMENT

This Business Information Statement, together with any incorporated schedules or attachments and any separate statement of work executed by the parties, constitutes the entire agreement between the parties with respect to the subject matter herein and supersedes all prior negotiations, representations and agreements, whether written or oral. Any amendments must be in writing signed by authorized representatives of both parties.

CERTIFICATION

The undersigned, as an authorized representative of the Business, certifies under penalty of perjury that the information provided in this Business Information Statement is true, accurate and complete to the best of the signatory's knowledge and that any material changes will be promptly communicated in writing to the Requesting Party.

Authorized Representative Name:

Title:

Business Name:

By:

Date:

Requesting Party:

By:

Date:

What a Business Information Statement Is and when it’s used

A Business Information Statement records key corporate details about an entity for use in transactions, onboarding, underwriting, or regulatory review. Typical items include legal name, EIN or tax identifier, principal address, ownership or management contacts, and the business purpose. It is commonly requested by banks, vendors, lessors, and government programs to verify identity, tax status, and authority to execute agreements. Although formats vary, the document functions as an organized, single-page summary that supports KYC, vendor onboarding, loan processing, and contract issuance.

Why a clear Business Information Statement matters for compliance and decision-making

A precise Business Information Statement reduces processing delays, supports accurate tax reporting and KYC checks, and establishes who has legal authority to sign. Proper completion helps avoid backup withholding, contract disputes, and misrouted notices while preserving an auditable record of the business’s formal details under ESIGN/UETA frameworks.

Who commonly requests or completes this statement

The form streamlines multiple downstream processes—tax reporting, contracting, payment setup—and helps organizations centralize verifying documents and authorized signers.

Commercial lenders and banks: Use the statement to validate legal name, EIN, ownership and signatory authority for lending and KYC checks.
Accounts payable and procurement teams: Use it for vendor setup, tax reporting, and 1099 determinations.
Legal and compliance teams: Use it to confirm corporate structure, delegated authorities, and jurisdiction for governing law.

Primary signatory roles and who should complete the Statement

Executive Officer

An officer such as CEO, President, or CFO typically certifies the Business Information Statement when the request requires an owner-level attestation. The officer should confirm legal entity name, EIN, principal address, and corporate status; their signature creates a binding representation for the organization.

Authorized Agent

An authorized agent (corporate secretary, in-house counsel, or delegated manager) may complete and sign if the company has an internal delegation of authority. The agent’s authority should be evidenced by corporate minutes, an officer’s delegation, or a signed power of attorney.

Essential sections every Business Information Statement should include

A concise, professional Business Information Statement groups vital details so reviewers can confirm identity and authority quickly. Format the document so each required item is labeled clearly and includes verification fields for attachments and signatures.

Legal Entity Name

Exact registered name as shown on formation documents or the IRS record; matches W-9/EIN filings for tax consistency.

Federal Tax ID / EIN

Provide the EIN or TIN used for tax reporting. An incorrect TIN can trigger backup withholding and IRS penalties.

Business Address

Street address, city, state, and ZIP. P.O. boxes are acceptable only where permitted for mailing but not for legal service in many jurisdictions.

Ownership / Control

List owners or officers with percentage ownership where required for KYC, AML, or underwriting purposes.

Authorized Signer

Name, title, and capacity of the person authorized to sign contracts and attestations on behalf of the business.

Attachments

Include formation documents, EIN verification (IRS letter), certificate of good standing, or delegation-of-authority documentation as applicable.

Required data elements at a glance

Legal name: Full registered name

EIN/TIN: Federal tax identifier

Principal address: Street, city, state, ZIP

Signatory name: Printed name and title

Ownership percent: Percent interest

Supporting docs: EIN letter, formation documents

Step-by-step: Completing and certifying the Statement

Follow these sequential steps to complete the Business Information Statement and ensure the form is accepted by third parties and regulators.

01

Gather documents: Collect EIN letter, formation documents, and officer ID.
02

Enter details: Populate each field precisely per fillable-fields guidance.
03

Attach proofs: Upload supporting documents as specified by the requester.
04

Sign and certify: Authorized signer signs and dates; retain a copy for records.

How to set up an online workflow for this Statement

Configure the form fields, attachments, and signer authentication to match the recipient’s verification requirements before sending for signature.

Field	Configuration
Required fields	Make legal name, EIN, and signature mandatory
Attachments	Require EIN letter and formation docs where needed
Authentication	Use email plus SMS code or KBA when higher assurance is required
Retention	Enable audit trail and long-term storage for compliance

Distribution and technical requirements for eSubmission

Ensure the chosen platform supports audit trails, secure storage, and any required BAAs or regulatory compliance features before sending.

Document formats: PDF, DOCX supported
Authentication options: Email OTP, SMS, KBA available
Integrations: Salesforce, NetSuite, Google Workspace

Typical routing flow for an electronic Business Information Statement

This simplified flow illustrates sender setup through final storage when using an eSubmission platform.

Upload document: Sender uploads completed template and attachments
Assign fields: Place required fields and set mandatory attachments
Select signer: Enter signer email and authentication method
Capture audit trail: System records timestamps, IP, and actions

Timing expectations and common deadlines

Deadlines depend on the requesting organization and the transaction. Allow time for verification and supporting document collection.

On request:

Provide the Statement promptly when requested by payer or vendor

Tax reporting:

Prompt provision avoids backup withholding and 1099 delays

Banking review:

Lenders may require within 5–10 business days for underwriting

Vendor setup:

Expect 3–14 business days for validation and payment setup

Internal recordkeeping:

Keep a signed copy per your retention schedule

Key processing milestones from submission to completion

Track these stages to monitor progress and identify where delays typically occur.

01

Preparation

Populate fields and gather supporting documents before submission.

02

Submission

Send to the requesting party with required attachments and signer authentication.

03

Verification

Recipient reviews EIN, formation documents, and signer authority.

04

Completion

Statement is accepted, recorded, and stored with audit trail.

Common mistakes to avoid when preparing the Statement

Using an alias or DBA instead of the registered legal entity name causes tax and vendor mismatches and can trigger revalidation.
Entering an incorrect or incomplete EIN leads to backup withholding and delays in 1099 reporting to the IRS.
Failing to attach required supporting documents (EIN letter, formation certificate) forces repeated requests and slows processing.
Signing by an unauthorized individual without documented delegation of authority can render the attestation unenforceable.

Penalties and regulatory risks from incorrect information

1099 penalties: Up to $330 per form

Backup withholding: 24% withholding rate

I-9 violations: $281–$2,789 per violation

Contract disputes: Potential rescission or damages

Audit exposure: Increased IRS or compliance scrutiny

Authority risk: Signatures by unauthorized parties may be invalid

How this Statement differs from similar corporate forms

Compare the Business Information Statement to common alternatives to decide which form meets a recipient’s needs.

Criteria	Business Information Statement	W-9	Certificate of Good Standing
Purpose	entity details summary	taxpayer id collection	proof of formation status
Required attachments	ein letter, formation docs	none typical	state filing document
Used for	onboarding, kyc	1099 tax reporting	corporate status verification
Signature needed		no (w-9 signature optional)	no (certificate from state)

Use-case examples showing real-world application

These condensed case notes illustrate how organizations use a Business Information Statement in routine workflows.

Optica Ventures LLC

Optica automated vendor onboarding using a standardized Statement to reduce manual checks

Result: faster vendor setup and fewer missing EINs
The company attached the EIN verification letter and delegated signatory authority, which eliminated repeated document requests and cut setup time significantly.

Martin Properties

Martin Properties uses the Statement for lease and vendor workflows to confirm entity and signatory authority

Result: streamlined lease execution with reliable contact data
They combine the Statement with a recorded audit trail to support remote signatures and document retention for audits.

eSignature platform pricing and feature comparison for Business Information Statement workflows

Compare starting prices and key feature availability for typical eSignature providers when selecting a platform for secure eSubmission and signing. signNow is presented first in the list.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day free trial, no card	Varies	Varies	Varies	Varies
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No
Envelope Cap	No cap	100 envelopes/user/year	Varies	Varies	Varies

Frequently asked questions about the Business Information Statement

Answers to common questions about completion, eSigning, authority, and retention for the Business Information Statement.

Need help? Contact support

Can this Statement be e-signed?
Yes. Electronic signatures meet federal ESIGN standards (15 U.S.C. ch. 96) and UETA where applicable, provided the signature demonstrates signer intent, consent to transact electronically, attribution, and reliable record retention.
What if the EIN is wrong?
An incorrect EIN can trigger IRS backup withholding and late-filing penalties for payers. Correct the error promptly and provide a corrected statement; retain proof of correction and communication for tax records.
Who may sign on behalf of the company?
An officer, corporate secretary, or an authorized agent with a documented delegation may sign. When authority is delegated, retain supporting minutes, a power of attorney, or an officer’s certification evidencing that delegation.
Is notarization required?
Not generally required for a Business Information Statement unless the requester or state law specifically demands notarization for attestations; confirm requirements with the recipient.
How do I correct a submitted form?
Provide a corrected and dated Statement and communicate the correction to the requester. Keep a copy of both versions and any correspondence documenting the change for audit and tax purposes.
How long should I retain records?
Follow applicable federal and industry retention rules: at minimum retain tax-related records for 3 years (IRC §6501(a)), and HIPAA-related documents for 6 years (45 CFR §164.530(j)); consult counsel for state-specific requirements.

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