Hello Digital Point members, I have a few questions about upgrading my PayPal account, I did a Google search, but didn't find what I was looking for. I know that many Digital Point members use PayPal, so I thought this is the best place to ask. Right now I have a Verified Premier PayPal account, with my personal bank account tied to it. But I want to upgrade it to Business account, so that when I sell online, my name won't be shown to buyers, instead they will see a business name. But I don't have a real “Company†and don't want to setup one right now, so my first question is: Can I upgrade my Premier account to Business account if I don't have a real (Inc, LLC) company? If yes, can I just make up any name for my “companyâ€? For example, let's say I have a website MyWebsite.com, can I use “MyWebsite.com†as a company name, even if it's not a real registered company? My other concern is, how to withdraw money from a PayPal Business account. Right now I have a Premier PayPal account which is registered in my real name, so whenever I want to withdraw money, I can ask for a check or a deposit to my bank account. There is no problem, because I can get a check or a bank deposit which is payable to my name. But if I will have a PayPal Business account, with an non-existing “company name†of something like MyWebsite.com, how will I be able to withdraw money from my PayPal account? If I request a check from PayPal, will it be payable to “my name†or “MyWebsite.comâ€? If it will be payable to “MyWebsite.comâ€, how will I be able to cash it, if I don't have a bank account with that “company†name? And if I ask PayPal to deposit money to my personal bank account, will they be able to do it, since my bank account is in my real name? I hope someone can clarify this for me. Any help is appreciated. Thanks
You don't have to upgrade to a business account, you could sign up for another. They allow you to have both a personal and business account at the same time. And you don't need a business license for a business account (not that I know of) so you should be able to use just your domain name in the company area. Although it would be hard to withdraw the money to your bank (if your bank is anything like mine, where they want all the info to match especially the business name) - so You should check with your bank as well. Not sure about the check though, I never requested one. And for more reliable answers you can ask paypal directly, they know their rules better than anyone else.
Thanks njoker555 for your response. However according to PayPal, I can't have a Premier and a Business account. PayPal quote “You can have one Personal account and one Premier or Business accountâ€. I have a Premier account, that means I can register a Personal account, but I don't really need it. Anyone else can give any advice? How to withdraw money from PayPal Business account if you don't have a bank account with that “company†name?
My suggestion: Call PayPal. Nobody here, unless they are affiliated with the PayPal on the employee side can tell you for a straight fact.
It is not possible to have a business account on a company name and withdraw the money from the same into your personal bank account. You will be required to have a bank account in the company name as well, to be able to complete the withdrawal request! Regards, RightMan
No it cannot be like that. This will cause trouble when PP request you for your biz registration and you don't have proper document to support it which will in turn leave your PP account in risky state.
PayPal quote “Business accounts allow you to do business under a company or group name...â€, what do they mean by a “group nameâ€? Also, when I go to upgrade form in PayPal, in “Business Type†field it has these options: Individual, Sole Proprietorship, Partnership, Corporation, Non-profit Organization, Government Entity. So, if I choose “Individualâ€, does it still mean I have to have a real llc or inc registered?
It is similar to a company name, the difference being that it is formed by coming together of a bunch of people to carry out one activity or the other. You would still be required to have a bank account in this group name! If you chose individual, the account would be in your own name and your objective of hiding your personal name from others would not fructify! Regards, RightMan
Thanks RightMan for answering my questions. So, those DP members that use PayPal Business accounts, do all of you have a registered llc or inc company? I guess, that in order to get a Business account, I will need to register a company. But the problem is, I don't know anything about setting up a real company. If I work online from home, do I need an office at a separate address for my “company� Any advice on setting up an llc or something like that?
As long as your bank is not picky than upgrading to a business account will feel like nothing has changed except your title. I guess it could help if you get into legal matters to have a real company to deal with the issues, but otherwise its just a title, and can be easily edited in your profile to adapt to a different name.
So, you mean I can still upgrade my Premier account to a Business account even if I don't have a real registered “company� Can I just make up a name like “MyWebsite.com�
Open the separate bank A/c in the name of your website or business name. Contact any local bank and ask for documentation required??
Those DP members that have a PayPal Business account, when you request a withdrawal check from PayPal, can you ask them to make it payable to your name instead of your business name?
even if u have PayPal business acc , it gives option business contact info : there put ur first and last name when u withdra fund to your bank . select that First and last name : for Withdraw in bank thanks
I think you have to either form a company or file for a "Doing business as" thingy. If you didn't have to do that, then anyone and their mom could open bank accounts for anything under the moon, no?