PayRewards must verify the beneficial owners of a business before processing your first payment.

A beneficial owner is an individual who meets one or more of the following criteria:

• Owns or controls 25% or more of the entity’s ownership interests or voting rights, either directly or indirectly (including through another entity), or

• Exercises significant control over the business’s finances or management
   

Sole Proprietorships

For sole proprietorships, the business owner is the beneficial owner. No additional individuals are required, but may only open an account for a Sole Proprietorship if you are the beneficial owner.

Limited Liability Companies (LLC)

All individuals who own or control 25% or more of the LLC (including indirect owners), and any individual with significant control (for example: a managing member or manager)

• At least one control person (for example: an executive, managing member)
• Any individual who owns 25% or more of the business

Corporation (C-Corp or S-Corp)

• At least one control person (for example: CEO, President, CFO, COO)
• Any individual who owns 25% or more of the business

Partnership

• All individual partners, and

• The beneficial owners of any corporate partners

For corporate partners, beneficial owners are individuals who:

• Own or control 25% or more of the entity’s ownership interests or voting rights, or

• Exercise significant control over the entity’s finances or management