Welcome to Empire Professional Services. We’re excited to be working with you and can’t wait to get you that extra monthly income we could all use these days.

By now we’ve talked to you about the process and what we’ll need from you to get started but it’s a lot of information. Here is an overview of the process you can reference at any time if you have questions.

 

Initial Set-up

  1. We send you a secure DropBox link you can use to upload all of your documents. Hang on to that, we’ll use it throughout the process.
  2. Upload the personal documents we’ll need to get started.
    • Most recent 2 tax returns. This is your actual return, not a W-2.
    • Most recent 3 bank statements.
    • Color copy of your Driver’s License, front and back.
    • A credit score. Screen shot from Credit Karma or a similar site works great.
    • A utility bill. Cable, gas, electric, etc. Must have your name on it and service address.
  3. We set up a new business entity for you. The time it takes to file the paperwork varies widely by state.
  4. Complete the contracts. You’ll have the contract already for reference but the new business entity will be named in the contract so we don’t execute it until after we get the business entity registered officially.
  5. You open a business bank account. We’ll reach out to you when the business registration documents come back so you have everything you need to take to the bank. We’ll also send you the funds for the initial deposit. You never have to pay out of pocket for anything.
  6. Get a void check with the business name and your address on it.

At this point, there may be a lot of waiting. The client has a lot to do on their side to get ready and it can take several months to set everything up.

On-going Responsibilities

**THIS IS AN ONGOING PROCESS – You will be responsible for some or all of the following tasks throughout the ENTIRETY of the contract.

  1. Signatures. This is going to be your main responsibility. The client will prepare all the documents so most of the time all you have to do is sign. Usually these will be DocuSign documents and we’ll set up a dedicated email for you so your personal email doesn’t get flooded with email you don’t need.
  2. Update documents. Applications require up-to-date documents so be prepared to upload new bank statements every month, update utility bills or tax returns as necessary, etc.
  3. Phone calls. Sometimes a verification phone call is necessary. These are generally very quick and we’ll give you all the information you’ll need.
  4. Miscellaneous changes. The merchant processing application process can be tedious and difficult and often requirements change. That could mean opening a fresh bank account or even setting up a new business entity. Being flexible helps ensure we keep you getting paid as long as possible.

Remember, this is an ongoing process. The client will apply at several different credit card processors throughout the entirety of the contract. Applying for and maintaining these accounts is mostly handled by us but there will consistently be documents for you to sign and documents for you to update and it's extremely important you complete the required tasks in a timely manner.

Payment

  1. Your portion of company revenue will be withdrawn from your business account and deposited to your personal account around the 15th of every month. Remember, it may take several months to get sales going.
  2. Regular disbursements will continue as long as sales are being made and you are completing the necessary requirements in a timely manner.

The payment process is laid out in the distribution portion of the contract and may be different than what is described here based on each individual contract.

Taxes

The new business will be set up as a single-member LLC which is classified as a “disregarded entity” by the IRS, meaning there is no separate form to file for the business at tax time. Contractually, all the money that comes into the business account is payable to the client so you will only be responsible for your monthly payments. You will claim this extra income on Schedule C of your personal tax return. Remember, no one is withholding anything for you so save a portion of every payment for taxes.

If you have questions feel free to reach out or you can visit our FAQ page.