Shared Services is used to explain the services Opolis provides that save you time you’d otherwise have to spend on tasks. These are tasks that are taken care of for you when you’re working for a company as a W2 employee, including:

• Payroll Deductions - Opolis automatically deducts your elected tax/insurance/benefits payments and ensures they are handled correctly for tax compliance purposes.
• Tax Compliance - Opolis ensures you’re paying your personal income taxes correctly throughout the year. Note that Opolis does not complete your yearly personal or business LLC/Corporate taxes at this time. However, in your Member Dashboard, you have access to all of the data your tax accountant will require to complete your various returns. Opolis can recommend partner tax accountants if requested, or you can use the data to file yourself through an online program.
• Benefits Premiums & Tax Remittance - Opolis remits benefits (various carriers) and tax payments (state and federal governments) on your behalf.
• Set it and forget it - Consistency will help you plan better. You don’t have to set money aside or worry about doing things correctly. Once funds hit your personal account(s), the money is yours to spend however you choose, just like the simplicity of being a corporate W2 employee!

As an Employee Member of the Employment Commons, Opolis will handle the payroll accounting and regulatory compliance as it relates to your employment. This includes the withholding and remittance of periodic taxes, reporting, benefits administration and any other employer of record duties required by law in your state of residence.

Not at this time. Opolis will provide to you all of the accounting data necessary for you to book the appropriate journal entries related to your payroll and employment in an accounting system of your choice. For your convenience, we have built a strategic partnership with XERO Accounting Software which will allow you to cost-effectively access top-tier accounting software and manage your small business at a major discount.

Not at this time. Your personal and business tax returns are your responsibility. For your convenience, we have built a strategic partnership with Token Tax which allows you cost-effective access with major discounts to top tax and accounting professionals.

At the end of each calendar year, you will receive two things:
 
1)  A W2 for yourself as an Employee of Employment Commons LCA.
2) The accounting information necessary to book your payroll expenses for your entity. 

Please note that Opolis does not track any of your business expenses outside of your employment and payroll expenses. You must do this yourself or with the assistance of a tax/accounting professional. If you need assistance connecting with one, please contact the Support Stewards.

You may contact our Support Stewards with any HR or employment related questions.

Currently, Opolis processes payroll semi-monthly on the 1st and 3rd Fridays. You will receive an invoice every pay cycle 1-2 days before funds are drafted from your Funding Account, showing a breakdown of withholdings. Payroll is drafted from your Funding Account approximately 6-7 business days prior to each pay day.

Under Fair Labor Standards Act (FLSA) requirements, you are expected to pay yourself at least the minimum wage in your state of residence. Because Opolis does not participate in timekeeping for your labor, we currently follow the standards set forth by each state for “non-hourly exempt employees”.

You can execute a bonus payment anytime throughout the year from the Opolis Member Dashboard. When set, your bonus will be paid in the pay cycle immediately following the current pay cycle. 

Both regular wages and bonuses are treated as expenses, which lower net income for your business entity. Consider speaking with a tax professional to discuss the best way to structure your payroll and bonuses within each calendar year. Feel free to reach out to the Membership Stewards if you would like an introduction to one.

You sure can. We understand that it’s common for freelancers and gig workers to receive large periodic payments upon completing a contract (i.e. every few months).

You can still use Opolis as long as you maintain funds in your Funding account to consistently fund a periodic payroll qualified under FLSA minimums.

Opolis defaults all payroll funding and paycheck payments to U.S. Dollars, however, you also have the option to assign digital currency wallets as:

The best way to think about this is to think about yourself and your business as separate “entities”. Your business has its own EIN (Employer Identification Number) just like you have a SSN (Social Security Number). Your business entity, via the EIN number it holds, becomes your legal employer. You use your SSN to become an employee of the entity, just like you would any other employer.

In order to become an employee who is qualified to partake in group employment benefits, you must be classified as a W2 employee. There is no way around this while being compliant with healthcare insurance underwriting guidelines. Don’t worry, the savings are more than worth it in 90%+ of situations!

Via the Onboarding Wizard or Member Dashboard, you will designate and approve payroll amount to be drawn from your Funding Account and Opolis will: 1) draft that amount via an ACH (Automated Clearing House) electronic funds transfer, or 2) you will remit to us from a designated digital currency wallet. After tax and benefit amounts have been withheld, your paycheck will be deposited into your designated Paycheck Account(s) on the designated paydays; currently semi-monthly on the first and third Friday of each month.

Unfortunately, no. If you cease to have a periodic paycheck that meets compliance requirements for W2 employee status, employment with the Commons must be terminated. You may set your wages to the minimum required by your state of residence under FLSA (Fair Labor Standards Act) guidelines. Generally speaking, the minimum required for Employee Members to pay themselves is the FLSA minimum exempt wages for your state PLUS any benefits elected and employer (your entity) paid taxes. For information on specific amounts required for your situation, please contact our Membership Stewards.

The Fair Labor Standards Act requires that at least the minimum wage in your state of residence be paid via a “legal tender” instrument. Legal tender is defined as cash (USD) or check or wire transfer/ACH. Any amount above the state required minimums may be taken in digital currency. Currently, subject to change, you may elect Bitcoin, Ethereum, DAI, USDC and/or USDT for amounts above the FLSA required “legal tender” minimums.

Amounts you receive from your business clients would be considered business income, not payroll. You are not required to pay yourself the entire amount your business receives as revenue in the form of a paycheck. 

For example, if you invoice XYZ Company for $10,000, this money is billed by your business entity using your company’s EIN and deposited into a business bank account if you’re following Opolis’ best practice recommendations. If your payroll set with your Membership is $5,000/month, only $5,000 will be drafted from your Funding Account by Opolis when payroll is processed.

Opolis strongly recommends you hold professional liability insurance in order to protect yourself and your business. Each carrier varies, but professional liability insurance typically covers accidents such as: injuring a client, property damage, advertising copyright infringement, medical payments, and more.  

We also suggest you purchase a policy that includes “Errors and Omissions”, which covers claims against you for offering poor advice or unintentional mistakes. Whether a person suing you has just cause or not, consider that defending yourself can result in court costs of $70,000+ per incident. Carrying professional liability insurance coverage is important for any business professional. 

Most Members carry a policy with a minimum coverage of $1,000,000 per incident and $1,000,000 per year. This is termed ‘basic coverage’ can be accessed for $25-100/month for most professionals. 

Cost: Varies by carrier and plan selected, but is available in many cases in the $25-100/month range. 

How to Register: Professional Liability Insurance is not available through Opolis at this time. There are many providers for this insurance and it’s easy to find. Read here for some suggestions. Alternatively, search online for “Professional Liability Insurance” and select a provider that you trust. Be sure to select coverage with at least $1,000,000 per incident and $1,000,000 as best practice.

The following insurances are paid for through your company and booked as pre-tax business expenses. This means you aren’t paying for them from a personal account with post-tax dollars. e sure to check with a tax professional if you have specific questions regarding your particular tax situation:

• Group Health, Vision & Dental Insurance 
• Unemployment Insurance
• Workers’ Compensation Insurance
• Term-Life Insurance
• General Liability Insurance

Opolis requests, and strongly recommends, that you provide two accounts in conjunction with your Membership:

• Funding Account - gross wages/taxes/benefits/etc. will be funded from this account. These funds must come from a single account. These accounts are most commonly Business Bank Accounts and are tied to your entity’s EIN.
• Paycheck Account - net pay will be dispersed to this account (multiple accounts are acceptable, as well as digital currency wallets in many cases). These accounts are personal accounts and are tied to you personally or via Social Security Number.

Having separate accounts is best practice and creates clean accounting records, avoids comingling of funds and gives you peace of mind that what reaches your personal account is available to spend. If you don’t wish to set up a business bank account, we suggest at minimum to provide two separate personal accounts to keep records straight.  

Note that legally you can operate with a single account, but we don’t recommend doing that under any circumstances.

Co-employment is a technical term used to describe a relational dynamic between a corporation and its employees to an outsourcing partner who accepts the “Employer of Record” (EOR) designation required by employment law.  

The Opolis Employment Commons is designed to help freelancers become “companies of one” with full control over their employment-related decisions.

If you have a small company with employees, consider helping each of your employees become self-sovereign Members of the Employment Commons who work ‘with’ you rather than ‘for’ you. Benefit costs can easily be built into hourly bill rates. They will even feel empowered and more like partners versus employees. 

In many cases, there are ways to continue to enjoy the benefits of productive resources without having to take on the cost and risk of employment. You can consummate specific deliverables with your resources via Independent Contractor Agreements (ICAs) and/or Statement of Work Agreements (SOW) which typically hold legally binding obligations for both parties. If you need sample agreements to review with your legal counsel, please reach out to our Support Stewards.