NEW YORK (TheStreet) -- Square has finally filed for an initial public offering after it submitted a confidential filing in July. Square will trade on NYSE under the ticker SQ.

The company, which facilitates payments for small merchants, was launched in 2009 by Jack Dorsey, a co-founder of Twitter who was recently named the permanent CEO of Twitter (TWTR) - Get Report . There has been much controversy over the fact that Dorsey will be leading both companies at once, let alone leading Square through the complicated IPO process.

Square's S-1 notes Dorsey's dual roles as a risk factor, admitting that "this may at times adversely affect his ability to devote time, attention, and effort to Square." But the S-1 also promises that Dorsey will be able to handle the responsibilities associated with leading both companies: "Mr. Dorsey is committed to his CEO roles at both Square and Twitter, and will be dividing his time, attention, and efforts between the two companies."

On top of leadership concerns, Square will also have to prove to Wall Street that it can soon turn a profit, having reported a $77.6 million net loss on $560.6 million net revenue for the first half of 2015, following a net loss of $154 million on $850 million net revenue in 2014.

Among the risk factors mentioned in Square's S-1 is that "we may continue to incur significant losses and may not achieve or maintain profitability."

Square has raised $590.5 million in venture capital funding heading into the IPO.