Payroll Help

Your Payroll Software questions answered here

Beneficial Owner Information

In this article

Background

Patriot is required to collect beneficial owner information for companies using Direct Deposit or Full Service Payroll to comply with anti-money laundering (AML) and financial transaction funding regulations with our banks.

What’s a beneficial owner?

A beneficial owner is any individual or business that owns 25% or more of your company. If you are the only owner you enter your information and put 100% as the percentage of ownership. If there any one owner with at least 25% or more ownership, you can indicate that.

Information Needed for Beneficial Owners

How is this information used?

We use this information in a secure verification process to confirm ownership and meet banking regulations. If something doesn’t pass verification, our team will review and contact you for more details if needed.

Provide details for each beneficial owner:

Individuals

  • Name
  • Address
  • Date of birth
  • Social Security number
  • (Optional) Driver’s license information
  • Ownership percentage

Businesses

  • Legal name
  • DBA (if applicable)
  • Address
  • EIN
  • Ownership percentage

How to Indicate Beneficial Owner Information

💡Only admin users can access this information.

  1. Go to Settings > Company Settings > Beneficial Ownership
    • If no one person has at least 25% of the company check the box at the bottom of the page that reads: There are no beneficial owners
  2. Click the Add Beneficial Owner button
  3. Click the Owner Type: Business or Individual
  4. Add information including the percent of ownership. If it is just you who owns the company, enter 100%
  5. Click the Add Beneficial Owner button to save, otherwise click Cancel
  6. Repeat as necessary for additional beneficial owners.

How to Edit or Remove a Beneficial Owner

💡Only admin users can access this information.

If something was entered incorrectly, delete the entry and reenter the correct information by adding a new Beneficial Owner.

  1. Go to Settings > Company Settings > Beneficial Ownership
  2. Click the trashcan icon at the end of the beneficial owner you want to remove

Your feedback will not receive a reply. If you have a specific issue, please reach out to our support team here.