PayPal and Beneficial Owner documents

cucumber6191 · #1 02-27-2021

Hey,

I have an LLC and all the papers, and right now I'm in the process of turning my aged PayPal account from personal to business, I'm aware that they'd be requiring me to give info about the business address, articles of incorporation, beneficial owners, etc.

Should I be giving them all of those information in advance in one PDF when they ask me for my business address? Or should I just wait for them to ask me for those details?

Which one would be recommended here?

rsot · #2 02-27-2021

Probably best to wait for the request - then they might actually review it

cucumber6191 · #3 03-02-2021

Quote:

Originally Posted by rsot

Probably best to wait for the request - then they might actually review it

I see, but would it be a problem if I just give them the whole PDF of my business papers right away?

And one day if they ask for Beneficial Owner documents, how long/how many days would they give you to submit the documents?

rsot · #4 03-02-2021

Quote:

Originally Posted by cucumber6191

I see, but would it be a problem if I just give them the whole PDF of my business papers right away?

And one day if they ask for Beneficial Owner documents, how long/how many days would they give you to submit the documents?

If you give them the documents right away, they might not do anything with it or even they just might force your account into review for no reason.

How many days...I can't recall the exact amount of time before the account goes completely limited after the request is received

cucumber6191 · #5 03-02-2021

Quote:

Originally Posted by rsot

If you give them the documents right away, they might not do anything with it or even they just might force your account into review for no reason.

How many days...I can't recall the exact amount of time before the account goes completely limited after the request is received

When do they usually ask for Beneficial Information? Is it when you've reached a certain amount of total transaction? is it if your business account has reached a certain age? Or would it be randomly chosen like a random check?