When creating a Sovos Unclaimed Property account, you must select a business category. Choosing the right one for your business is important because it affects the properties’ dormancy periods and due dates.
If your business does not fit one of these categories, Corporation is a broad category that covers sole proprietorships, partnerships, mineral interest, and any other general business entity.
Categories:
| Business category | Definition |
| Corporation | A legal business entity (incorporate or not) conducting general business |
| Financial Institution | A bank or credit union |
| Life insurance company | An insurance company that issues life insurance policies |
| Mutual fund | A company that issues mutual funds |
| Utility company | A utility company, such as electrical or phone |
| Brokerage | A broker dealer |
| Non-life insurance company | An insurance company that does not issue life insurance policies |
| Retail company | A company that deals with retail transactions |
| Court, city, government | A court, city, state, municipality, or other type of public administration |
If your business is a life insurance company, mutual fund, or brokerage, Sovos may have a better unclaimed property solution for you. Contact us for more information.