Before you start entering this information:
Make sure to check with your local real estate board to ensure you are following the local laws required for paying an associate's commission to a company. Some states require their license to be in that name or do not allow this process at all.
Provided this is legal in your area, you will need to collect from them a copy of their Articles of Incorporation which identifies the Incorporated Name (name of the company), the EIN/BN#, the address for the corporation, and the Registered Officers (agent's name) of the corporation. as well as a W-9 / PREC for their corporation.
You may wish to create a basic document that they sign stating whether the corporation is to be paid all commissions, profit share proceeds, and/or both. Having them sign this document/authorization letter protects you as an MCA in case there are ever disputes regarding their profit share (especially if there are more officers of the corporation than just this associate).
Agent Incorporation Information for Profit Share
1. There is no way for Market Center leadership to add agent incorporation information for profit share. That being said, the agent has the ability add this information in their KW Profile (KW Profile > My KW > Profit Share Bank Account > + Add Alternative Tax ID).
2. Once the change is saved, the Market Center's MCA will need to sync this change with WinMORE before it can take affect with regards to paying out profit share.
Agent Incorporation Information for Commissions
You have the ability to add agent incorporation information to an agent's associate record, in Command MC Associates.
- The agent can also add this information in their KW Profile (KW Profile > My Affiliations > select your Market Center > Business Information). Any changes made to their KW Profile or associate record will cause the other to update with the new information.
1. Log in to https://agent.kw.com with your KW login credentials.
2. Click Command MC, at the top of the page.
3. Click the Associates icon, , on the left side of the page.
4. Find the associate on your roster, then click the associate's name.
5. Click the Business tab, at the top of their associate record.
6. Click Edit, at the top right of the "Incorporation Information" section.
7. Enter the agent's incorporation information, including the Incorporation Name, TIN/EIN, and the principal address of the incorporation. Click Save Changes.
8. Once the change is saved, the Market Center's MCA will need to sync this change with WinMORE before it can take affect with regards to paying out commissions.
WinMORE will now process all closings going forward under that EIN/BN as opposed to the agent's SSN/SIN. The agent may receive two 1099/T4As at the end of the year - one for production closed under the SSN/SIN, and the other for production closed after the EIN/BN was entered. You may need to create a card in AccountEdge/Lonewolf for the new Corporation's name as you will now pay the corporation for this associate's commission. The agent may also wish their office invoices to be written to the corporation as well, if so, simply create a new Customer Card file (or update their current one) with the new info. Email MCASupport@kw.com if you have any questions on this process.