Proper Steps To Opening a PayPal UK Business Account

[GreenBean]

Looks like poor quoting caused the problem.

[Stigger]

right this is burring my head , its weekend and i have things to do.

Look mate I'm not sure if you already have a limited company or not but from your pm i get the impression you do not.

So, use a formation company to create a ltd for you, if you pay enough, you usually get a bank account with it and a virtual address.

all that said you don't really need one but if you insist.

Right , if it was me in your situation i would only use the above for the tax man and submitting my real invoices and so on....

So after the above is created if you get a bank account, speak to your bank and see if you can create a few sub accounts for your different trading entity's, last time i did it this way i got new account numbers in the names i made up for the bnk manager, i used these accounts to make stealth sole trader accounts on PP, all that matters is that the invoices you send the tax man a headed in your REAL limited company, that way your paying tax, the tax man couldn't care less if you have 10-20 trading entity's as long as he gets his share.

if you are not able to create sub account with the bank then, just do what everyone else does and create stealth account/s with a basic bnk account, just move the money from that account in to your real, as long as you can provide the invoices for your sales and Ive already told you what i would do above so he gets them.

with the sub accounts from a business bank account i would try and create sold trader pp accounts. i would also make personal accounts from my personal bnk, **** man i would just create what ever accounts you can get your hands on, 3k pcm is not a lot for a any pp account.

Another thing is , I'm not sure what site your trading on but , if i was you once you have your new PP's i would create new trader account and create new PP bin buttons otherwise you plight could be in vain.

if anythings not clear or you want to know out else just ask

oh and one of my points for not linking my real business name to PP or eby is if your pp gets sut down its real easy to get going agin, its not so easy if you do, there are a good few other reasons but this one should be enough alone.

All the best.

[ctufc]

TizWoz

Thanks for the advice I do have a private limited company but I'm going to disolve that to start again as its linked to a banned PP account.

That's why I switched my trading to a friends PP account.

I will pour over all the info above and if i need clarification on any issues then I will PM you before heading over to PP with fresh info at hand!

Great advice thanks alot really helped me out and I'm sure others will come accross the thread and see the helpful post nice one.

[Stigger]

Originally Posted by ctufc

TizWoz

Thanks for the advice I do have a private limited company but I'm going to disolve that to start again as its linked to a banned PP account.

That's why I switched my trading to a friends PP account.

thats what i mean but the last line of my post.

but you don't really have to go to that extent buy using another one

Does your ltd now have a proper business bank account ?

[GrannyT]

For gods sake - stop running around like a headless chicken and start using your brain

A limited company is a legal entity in its own right

Think about the end game - how you are going to legally wrap up your affairs regarding taxation etc

Think about how big business operates - eg: holding companies etc

Think about the ramifications of corporate bank accounts and how that helps you

Think about legally registered addresses

Think about nominee directors

Think about nominated person to run the account

Think about how you conduct your business

After that Paypal and Ebay are just a small fraction of what you have to do

The reason there is no guide to this is because the members of this forum that use this facility have developed their modus operandi over many unsuccessful attempts and will not give up their hard earned knowledge in a spoon feeding manner.

We will point you in the right direction but that's all we can do

Keep looking

Suggest you start with Google and look up company formations

You are a long way away from a Paypal account at this stage

[ctufc]

I have an almost clear idea of how to do it but would hate to screw it up.

Yes I know each ltd is a legal entity but having a stealth name as the paypal account holder and a nominated director as stealth also leaves the question of the business account owner as that will be me.

I know I can go get a barclays business account complete with a registered trading office in London and have all mail forwarded to my home address the only issue I am struggling with is when paypal ask to see bank documents as these will have my name on and details.

As for the part of registering the new company with companies house who's details do I use to head the company?

I'm nearly there and yes a long way off but when I get there I will be for ever greatful.

Once I have one as long as I can set several up the same way with al taxation coming in my name then al be happy and safe!

I hate PayPal.

[GreenBean]

You seek PROFESSIONAL help if you are not able to work out the finer details.

Creating a ltd company is like tax advice.
Beyond the remit of the forum..

[ctufc]

Time to go see the accountant and explain the issue to him...

[Stigger]

**** man, things are getting way to complicated here.

Look man, all you need to do is run things like you are now but instead of paying some guy to use there pp account you will be using a stealth one you created.