What is the difference between a business account and a personal account?
A business account helps freelancers or small business owners hold and manage the money made directly from their business. Personal accounts help individuals hold and manage their personal funds.
You shouldn't use your personal account for business-related purposes primarily because you risk commingling funds, not accurately tracking deductible expenses, and potentially putting you afoul of the IRS.
For this reason, we recommend using a business bank account to ensure you are in the best position to file your business taxes and stay on good footing with the IRS. A business deposit account is typically required for any type of business financing.
LLC Formation and Existing Business Application Process
There are several benefits to opening your LLC with Oxygen:
- You can do it all through the app, quickly and easily.
- You’ll receive business-focused financial insight through the app.
Download the mobile app and create a login by providing your email address and password. If you already have an existing business, a personal account is not required, however, if you would like to form an LLC with our partner CorpNet Inc., you will need to sign up for a Personal Oxygen Account first.
If you’re applying for a new LLC, our team will obtain your EIN as part of the formation documents. If the LLC application is rejected for any reason we will refund the LLC formation and state filing fees paid within 3-5 days.
Once your login has been created, You’ll be asked to scan your ID, and agree to the terms and conditions, including the agreements and summary of fees. Next, it will ask you a series of questions about the location of your business, the industry, and your own role in the business. You may also be asked to provide documentation depending on the business entity.
List of documents we may ask for depending on the Business Entity:
Articles of Incorporation
Resolution of Authority
Certificate of Good Standing (from a governmental entity)
Assumed Name Certificate
Articles of Formation
Articles of Organization
You should be notified of the outcome of your application for existing businesses in 5 business days. For LLC formations, it can take between 2-4 weeks. If you have any questions or concerns about the outcome of your application, please contact your state government entity. To learn more about the benefits of creating a business, as well as helpful tips and tricks to help you throughout your freelance career, check out our blog.
Oxygen does not support the creation of the following types of businesses:
Insurance business and services
Marijuana-related business and services
Gambling businesses and services
What is an EIN?
An EIN “Employer Identification Number” is a 9-digit number (also referred to as Federal Tax Identification Number) that is issued by the IRS and used to uniquely identify legal entities operating in the United States. Think of it as a Social Security Number (SSN) for your business.
What are the requirements for an Oxygen Business Account?
At Oxygen, we have focused our service on startups and scaled companies. Our products are designed to assist with your daily needs of operating a Small Business Account.
Additionally, during the application process, there is some required information needed depending on the business type. For instance, sole proprietorships require a name, physical address, date of birth, and SSN. Other types of business legal entities require the business name, business address, taxpayer identification number, and proof of business existence.
What are the business address requirements to open an Oxygen Business Account?
You must reside and operate in the United States to apply for an Oxygen Business Account at this time. We are working to accept foreign accounts in the future.
Why is my social security number used for in the Oxygen Account application process?
Your SSN is used to comply with the Know Your Customer (KYC) US regulatory requirements, we may ask for your social security number during the application process. This number will not be used to underwrite your account.
I don’t have an IRS letter yet. What can I do?
During the application process, we may ask for proof of EIN document(s). However, if you’ve recently registered with the IRS, there can be a delay before you receive that document by mail. If delayed by mail, providing a clear screenshot of your IRS Letter online should suffice.
How old does my business have to be to apply for Oxygen?
It does not matter the age of your business as long as it is active and in good standing with the SOS registry.
How can I check my application status?
You can check your application status at any time by signing in to the Oxygen App or dashboard. In some cases, it will show the decision as soon as the application is submitted. For applications that require further review, please allow our team 5 business days to review your application after it has been submitted. We will be in touch via email if additional information is required. This timeline does not apply for Business Formation applications.
How can I withdraw my application?
If you have not yet submitted your application, you may leave your application as is and resume using the same sign-in credentials at a later date instead. Otherwise, please reach out to our support team to have your application withdrawn.
What types of IDs are approved?
During the application process, Oxygen requires verification of the applicant's valid State ID. Please note that all forms of identification must be currently active and not expired.
What is a business description?
A business description summarizes what your company does, its purpose, and what makes it unique.
How can I edit my application?
As long as your application has not been submitted, you can go back and edit your application details at any time. If your application has already been submitted, please reach out to our support team for assistance. Please note that your application will be rejected after 30+ days of no response.
I don't have a company website yet, can I leave it blank?
If your company does not have a company website, you can enter your Social Media page URL or the parked website if you are working to build one.
How soon can I start using Oxygen after my Business Account is approved?
Once your account has been fully approved, you can start using it immediately.
Are there certain types of businesses that can't apply for an Oxygen Business Account?
There are some industries that aren’t eligible for Oxygen Business Accounts. Our Prohibited and Restricted Activities page provides examples of those industries (the list is not exhaustive).
How can I form a new Business with Oxygen’s partner Corpnet, Inc.?
If you’re currently only registered as a sole proprietor and would like to form a business–such as an LLC, S Corp, or C Corp, start by selecting “new business” within the Oxygen App or Website. Pay the fees associated with forming an LLC or Corporation (The account formation fee is $199.20 + the state filing fee that varies by state) and refer to a CPA, tax advisor, or attorney to see if creating an LLC is right for you. The fees for forming a Business may be deducted from your Oxygen personal account or by using an external credit or debit card.
How does Oxygen work with Corpnet?
We partner with Corpnet to help startups incorporate a business. Here’s how it works: Apply for a new business during the application flow, form your business entity with Corpnet (if you’re not yet incorporated, you may apply using an existing business).
Are nonprofits eligible for Oxygen Business?
We appreciate working with nonprofits on a case-by-case basis. However, all requested documentation is required for review.
How do I reapply for an Oxygen Business Account?
We currently only accept one application per person at this time. If you would like to make revisions, we will update on a case-by-case basis and may require additional or updated information in order to do so.
Can I reapply for another Business Account if I have already been denied?
Not at this time. We are currently working to enhance this experience to allow the capability of reapplying using a different entity or business.
Can I reapply if I applied over a year ago?
No, you can only apply for an Oxygen Business Account once.
How long does it take for an invoice to be paid?
It usually takes 3-4 business days from the moment a recipient pays the invoice to the moment the invoice status changes to paid in the app.
How many invoices can be created or sent per pay?
The only limit we have is a monthly limit. No more than 10,000 invoices per month.
Can the invoice only be paid with a credit card?
Yes, the invoicing is set up using Stripe. Additionally, you can mark them as paid manually if they pay using another method such as P2P with Oxygen, PayPal, etc.
What is a certificate of good standing?
A certificate of good standing is issued by your Registered Secretary of State office, showing that your business is active and in good standing with no outstanding fees owed. Please contact your Registered Secretary of State for more information and how to obtain it.
Does Oxygen ship cards to international addresses?
No, not at this time. Cards ship to the physical U.S. address on file. We are unable to ship to a PO Box.
Is Oxygen available internationally?
No, not at this time.