For businesses less than three years old, you may substitute personal federal income tax returns for the appropriate number of years with all schedules and statements attached. When submitting personal tax returns, you may black out all social security numbers and all dependent names. If personal tax returns are being submitted, personal tax returns must be submitted by any individual that owns 10% or more of the company. For a new business that has been in operation for less than one year, submit an opening balance sheet and a profit and loss statement from the time the business started through present.