An Entity is the business that manages the money for a Building. By creating an Entity you will enable Payouts, allowing you to collect Payments from your building such as Holding fees, Deposits & Rent.
To create an Entity, simply complete the following steps:
Add an Entity
Add a director & KYC check
Add a bank account for Payouts
Select the Entity button on the sidebar menu to view the Entities index page. On the top right of the page, select the 'Create Entity' button to open the information form and begin creating an Entity.
The initial form will ask to input some general account details which include the following:
Business name, Company number & address
Before Payouts are activated you'll need to add details of a director for the listed business entity.
Yorlet's “Know Your Customer” (KYC) obligations require that we collect and maintain this information on a director of your business Entity. These requirements come from our regulators and financial partners, and are intended to prevent abuse of the financial system. The information you provide is reviewed internally to ensure they comply with our Services Agreement. If we need any further information, we’ll get in touch right away.
To add the bank you want Yorlet to send money to you'll need to provide the relevant Sort code and Account number. If you would like to edit or change the bank account on an Entity you will need to contact Yorlet support.