Small business owners typically pay three kinds of people: 1099 contractors, W-2 employees, and themselves.
Here’s how to do each of these using Found:
Paying 1099 contractors: Use Found’s contractor management tools to pay 1099 contractors and manage the associated tax paperwork (i.e. requesting W-9s, sending 1099s). These features do not have any per contractor fees and are included as part of the free Found plan.
Learn more: Guide to Managing Contractors on Found
Paying W-2 employees: Though Found is not a payroll provider, we recommend using our preferred partner Gusto to manage payroll, benefits, and other HR activities. You can learn more about Gusto’s offering here.
Paying yourself: You can pay yourself from Found at any time, either by using your Found debit card or by transferring funds to an external bank account or debit card.
Learn more: How do I pay myself with Found?
Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. FDIC insurance only covers the failure of an FDIC-insured depository institution.
²The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted.
⁴Optional subscriptions to Found Plus for $19.99/month or $149.99/year or Found Pro for $80/month or $720/year. There are no monthly account maintenance fees, but other fees such as transactional fees for wires, instant transfers, and ATM apply. Read Found Fee Schedule.
The information on this website is not intended to provide, and should not be relied on for, tax or legal advice.
Found partners with various providers to enable you to compare offers from participating institutions, such as lending, filing service, and insurance providers. Found is not a lender, a filing service, nor an insurance provider.
This website contains advertisement of Found and third party products and services.
According to Nerdwallet, Found is the best banking option for self-employed business owners. (Source)
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