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Old 11-05-2015
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Default LLC and asking for shareholders details

I was thinking of setting up a LLC with 1 owner/director and 2 shareholders. The owner and shareholder would be my partner (who has a clean pp history) and i'd be the second shareholder. He will be also the contact person for paypal.

Could paypal verify the ID of the owner and also the shareholders or just the owner?
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Old 11-09-2015
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Default Re: LLC and asking for shareholders details

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Originally Posted by outsource11 View Post
I was thinking of setting up a LLC with 1 owner/director and 2 shareholders. The owner and shareholder would be my partner (who has a clean pp history) and i'd be the second shareholder. He will be also the contact person for paypal.

Could paypal verify the ID of the owner and also the shareholders or just the owner?
Yes you can try to verify and paypal will verify it
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Old 03-20-2016
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Default Re: LLC and asking for shareholders details

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Originally Posted by disastercell View Post
Yes you can try to verify and paypal will verify it
What do you mean I can try to verify?
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Old 03-21-2016
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Default Re: LLC and asking for shareholders details

I'm pretty sure that PayPal only needs the person's ID which is actually using the account.
In this case -- your friend. They will also ask for company documents if your account type will be "business".

So don't worry if you're just a shareholder and actual PP account is not registered on your name. You'll be fine. ; )
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Old 03-21-2016
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Default Re: LLC and asking for shareholders details

Is it possible to set up a company that the one's shareholder information remain private or hidden in the papers? Just wondering

Last edited by outsource11; 03-21-2016 at 10:57 PM.
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Old 03-22-2016
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Default Re: LLC and asking for shareholders details

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Originally Posted by IGNAS View Post
I'm pretty sure that PayPal only needs the person's ID which is actually using the account.
In this case -- your friend. They will also ask for company documents if your account type will be "business".

So don't worry if you're just a shareholder and actual PP account is not registered on your name. You'll be fine. ; )


I think this loophole has just been and gone. There now asking for information on all shareholders and directors. well in the UK they are.
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Old 03-22-2016
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Default Re: LLC and asking for shareholders details

@OP -- are you trying to form a company in Portugal or some other country?
I think it's best for you if you ask your accountant about these "hidden in papers" things.

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Originally Posted by spindoctor View Post
I think this loophole has just been and gone. There now asking for information on all shareholders and directors. well in the UK they are.
Thanks for clarification.

And just an idea. What if a single person (your friend) opens a company, then registers with paypal, supplies all the docs and etc.
And after everything is confirmed -- you just buy like 50% of shares of that company?

That should work with PP, would it?
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Old 03-22-2016
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Default Re: LLC and asking for shareholders details

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Originally Posted by IGNAS View Post
Thanks for clarification.

And just an idea. What if a single person (your friend) opens a company, then registers with paypal, supplies all the docs and etc.
And after everything is confirmed -- you just buy like 50% of shares of that company?

That should work with PP, would it?
Hmmm.. not sure at this minute, i'm testing again to see a work around. The UK confirm identity page all changed in the last couple of weeks, and they request more details n directors and shareholders, then they used to do., they only needed to confirm the person who was running the account, now it seems they need everything, such as who is running the business, owners, directors etc...

Shame, as this is how i got around paypal! Grrrrr...

Something i noticed in paypals terms and conditions that has just been changed recently.

They just added this :

an Account is deemed to be “linked” to another Account for the purpose of this section 9.1.k where PayPal has reason to believe that both Accounts are controlled by the same legal personality or group of legal personalities (including, without limitation, individuals), which is more likely when both Accounts share certain attributes, including, without limitation, the same recorded user name, email address, funding source (e.g. bank account) and/or recorded ID used to receive services from PayPal’s partners (such as an eBay ID))

So, it's a coincidence, that these has been added around the same time that they ask for more information on owners and shareholders of businesses.
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