General
Through step-by-step instructions provided by B&K, nominees (you) will be assisting with the business bank account setup, providing signatures & documents for merchant account applications & associated paperwork, and completing the occasional confirmation text/call.
Simply stated, it is mutually beneficial for all parties involved. Our international clients are not capable of setting up their own merchant account in the USA since they are not residents. Therefore, this service allows them to expand into the American market, create a supplementary income stream, and earn additional profits.
The nominee can start getting paid within 2 weeks, although this is dependent on how quickly the nominee provides the information & verification documents and creates the business account.
- Photo ID
- Utility and/or phone bill no more than 30 days old
- Last three months of bank statements
- Last two federal tax returns
- Current address and social security number
- Basic verification your credit score is above 660
- Updated documents and/or statements as needed
No, with the protective measures (LLC, insurance, client indemnification...) in place, the client is accepting responsibility for the business and its operations. Therefore, all the risk is taken by the client, but it also means all profits, besides the nominee's monthly payment, are kept by the client.
B&K Corporate Services
Yes. B&K is a registered, licensed, and insured consulting company located in California.
B&K Corporate Services has 5 main roles:
- Find, inform, and assist qualified individuals in becoming nominees.
- Complete the extensive paperwork required for the business registration and account applications.
- Review all necessary paperwork and/or have the lawyers representing B&K review documents for safety and validity.
- Provide the monthly payment to the nominee.
- Work with a team of accountants to complete bookkeeping and tax preparation.
Clients of B&K Corporate Services
As international clients, they are not capable of setting up their own merchant account in the USA since they are not residents. Our nominee service allows these clients a legal option to expand into the American market and create an additional income opportunity, while offering nominees an opportunity to earn $600 monthly.
Online education, business coaching, digital marketing, web hosting, online dating, streaming services, adult streaming services*, and phone apps.
*You will NOT be working with any clients in the adult industry unless you specifically agreed and gave prior approval.
*You will NOT be working with any clients in the adult industry unless you specifically agreed and gave prior approval.
No. The clients operate online, e-commerce businesses. Eliminating the antiquated brick and mortar business model minimizes expenses and allows for an easy to manage online business.
Yes. All of our clients allow refunds on products, although refund policies vary among clients. Additional information available upon request.
Nominee Setup Process
Clients do have their own fully functioning businesses in their respective countries (For example, United Kindom, Canada, Europe…). As this is B&K’s area of expertise, clients use our services to expand into the American market.
The majority of business accounts will be created at Bank of America. You will be notified in advance if a different bank will be used.
No. We partner with Docusign and Right Signature, digital signing services that allow signatures from a mobile phone, tablet, desktop, or laptop computer. Rarely a “wet signature” (a signature done with a pen and ink) is needed. In these situations you can text/email a picture of the document or use a scanning app on your phone.
Yes, although they cannot be using the same home address. Each nominee will be required to meet the minimum qualifications. Additional information available upon request.
Yes, if it is required. This step usually asks basic personal questions and is done to confirm your identity and prevent fraud. Advance notice will be given if a phone call is required.
Nominee Expected Costs, Taxes, and Credit Score
Besides arranging transportation to the nearest bank, all expenses & startup costs are covered in advance.
The nominee is only responsible for taxes on any income received and is required to file a Schedule C as part of the annual taxes. The Schedule C, as well as your personal tax return, is completed by our CPA at no cost.
*If a different tax model is being used you will be made aware before signing an agreement.
*If a different tax model is being used you will be made aware before signing an agreement.
- Nominees- will receive a Schedule C and a 1099. The Schedule C is the required tax filing for the LLC, while the 1099 lists annual income received. Both forms need to be included when you file your yearly taxes. This will be done free of charge if you decide to use the CPA provided by B&K.
- Referral Bonus- anyone personally receiving $600 or more in a calendar year will receive a 1099.
- 1099’s- Are provided digitally by January 31st.
- Schedule C’s- Are provided digitally before March 25th.
Potentially, the merchant account application can temporarily lower your credit score. Like any credit check, it usually has minimal impact, approximately 5-10 points if your credit is viewed through a “hard pull.” If your credit score is viewed through a “soft pull,” your credit score will not be impacted.
Business financials are required when applying for a merchant account. Since each LLC is newly formed for the nominee, there are no sales or financials to submit. Therefore, a credit check is done in place of the business financials to verify you are financially dependable and you do not have a history of fraud.