Banking and Credit Card setup
OCV will set up a bank account for the company and manage SAFE funding process. Additionally, a corporate credit card account will be created for the company to manage payments and expenses.
CTOs will have full access to these accounts as designated Control Persons and may be required to complete KYC steps as part of the bank and credit card application process.
For recommended best practices on Banking see Bank Accounts & Management.
Beneficial Ownership
A beneficial owner is an individual person who owns 25% or more of the company in question either directly or indirectly, including founders.
Control Person
Any one single individual with significant responsibility for managing the company such as an executive officer, managing member, general partner, vice president.
- The CTO should be named Control Person for new company finance system applications. If no CTO, then the company's named CEO.