Name on business bank Account?

Ks1103 · #1 10-25-2018

Hi,

Wanting some help, been reading through loads of these forums and can’t find a definitive answer so hoping you can help. Basically I have a PP account in my mums name (fully verified, around 6 months old) after being banned, I don’t use eBay to sell only to buy and I’m going to register my company on depop as a limited company with my mum as the director so they don’t see my name. However I want the bank account (business one) to be in my own name.ideally I would like to be able to pay for stuff and withdraw to this account. Obviously the names wouldn’t match but as the bank account is in my business name would it be ok to spend on it? Pls let me know as I really want to do this but don’t want to go wrong and risk my business! Sorry for the long message. Thanks.

**SaiJin** · #2 10-25-2018

First I highly recommend you truly understand the eBay Stealth.

now about setting up all Business accounts, it's actually simpler than you think, in fact it'd probably be best if you don't use your mum's name rather your own and cover everything with the business name.

Play · #3 10-25-2018

A lot of your simple /basic questions will be answered by reading the stealth guide. I'd start there.

Ks1103 · #4 10-26-2018

Quote:

Originally Posted by SaiJin

First I highly recommend you truly understand the eBay Stealth.

now about setting up all Business accounts, it's actually simpler than you think, in fact it'd probably be best if you don't use your mum's name rather your own and cover everything with the business name.

Hi thank you for the reply. Does guide cover business too? I only haven’t got it as I thought it was mostly for personal accounts but I will give it a read. Thanks.

Play · #5 10-27-2018

Quote:

Originally Posted by Ks1103

Hi thank you for the reply. Does guide cover business too? I only haven’t got it as I thought it was mostly for personal accounts but I will give it a read. Thanks.

The guide covers everything you need to know to get back on to ebay without getting linked to other accounts.

Ks1103 · #6 10-29-2018

i don't want to get back on eBay, i am am already back on eBay and paypal and have been for a while. all i want to know is if i have a company bank account and i use it to pay for something on paypal will it show the business name or my name its such a simple thing i can't even buy the guide as overtime i try it fails. just want to know a simple answer or for it to be explained how i could ever do it in my own name when they demand to know the directors

Ks1103 · #7 10-29-2018

Quote:

Originally Posted by Play

The guide covers everything you need to know to get back on to ebay without getting linked to other accounts.

i don't want or need to get back on eBay I'm already back on it simply for buying not really selling. how could i cover everything with the business name? if I'm the director my name would be revealed hence why i used my mums. Thanks.

Play · #8 10-29-2018

In essence your mum will be the owner of the company, the owner of the account. You wont have anything to do with this business, technically speaking. Should you go this route.

As for my advice to read the stealth guide, it was so you dont make the mistake of linking this new account with your old one, which will put all your efforts to waste.

Ks1103 · #9 10-29-2018

Quote:

Originally Posted by Play

In essence your mum will be the owner of the company, the owner of the account. You wont have anything to do with this business, technically speaking. Should you go this route.

As for my advice to read the stealth guide, it was so you dont make the mistake of linking this new account with your old one, which will put all your efforts to waste.

I know that she would be the owner, after a few months I would probably change this to me but if I made a new one and went stealth how would I ever be able to be the owner anyway as I am banned?? And I already know how to not link it or it would have already gone down, I've done a lot of reading, thank you for your suggestion though. I would love to be the director but surely PayPal would ban it straight away?

Play · #10 10-29-2018

Quote:

Originally Posted by Ks1103

I know that she would be the owner, after a few months I would probably change this to me but if I made a new one and went stealth how would I ever be able to be the owner anyway as I am banned?? And I already know how to not link it or it would have already gone down, I've done a lot of reading, thank you for your suggestion though. I would love to be the director but surely PayPal would ban it straight away?

You're going to need to think this through more thoroughly, before you waste your time.

Transferring ownership to you after a few months, wont change anything. I don't know why you think making amends after a few months puts you in the all clear, it doesn't.

Ks1103 · #11 10-29-2018

Quote:

Originally Posted by Play

You're going to need to think this through more thoroughly, before you waste your time.

Transferring ownership to you after a few months, wont change anything. I don't know why you think making amends after a few months puts you in the all clear, it doesn't.

ok well can you help me with how to do it? I don't understand how I could make an account in my own name (since I'm banned) so I could use a variation of my own name but still PayPal will still see my actual name on companies house? The only reason I'm doing this is because I need to pay tax. what is the most logical way since I already have a working PayPal set up in my mums name?

Ks1103 · #12 10-29-2018

Quote:

Originally Posted by SaiJin

First I highly recommend you truly understand the eBay Stealth.

now about setting up all Business accounts, it's actually simpler than you think, in fact it'd probably be best if you don't use your mum's name rather your own and cover everything with the business name.

how can I do this? my mums account is basically a stealth account but just in her actual name so I could easily verify my identity and get the limits lifted.

Play · #13 10-29-2018

Quote:

Originally Posted by Ks1103

ok well can you help me with how to do it? I don't understand how I could make an account in my own name (since I'm banned) so I could use a variation of my own name but still PayPal will still see my actual name on companies house? The only reason I'm doing this is because I need to pay tax. what is the most logical way since I already have a working PayPal set up in my mums name?

Just because we're using stealth accounts doesn't mean we're not paying our taxes.

Amending details is out of the question, it will raise too many flags. Needless to mention change of ownership is against eBay terms (the last time I checked).

Play · #14 10-29-2018

Quote:

Originally Posted by Ks1103

how can I do this? my mums account is basically a stealth account but just in her actual name so I could easily verify my identity and get the limits lifted.

You can use your mums account (using stealth techniques, new user account etc. to prevent linking). Then withdraw funds to your business bank account.

Just sign up to eBay as a personal seller and go from there.

That way the account is your mums, funds are coming into your business bank, you pay your taxes.

Perhaps others can chime in with better solutions.

Ks1103 · #15 10-30-2018

I did try and say in my first post none of this is about ebay I do not sell on eBay, I sell on depop so ALL I need is a business PayPal account which was why I was asking the question of how the ownership would work, I have a personal eBay account which I use to BUY. So I'm going to set up a LTD company in my mums name with me as majority shareholder then after a few months I was thinking I could change to director, dependent upon whether PP would check it again after verifying it. Do you know if they will? and I know I'm not saying no one pays their taxes I'm just saying what the purpose of me doing this is after I have been stealth for a while.

Ks1103 · #16 10-30-2018

in essence what I want to know is if I do set up a LTD business and pay INTO the PayPal account will it show my company name or my personal name? nothing to do with eBay, I've already been advised on what to do so this is my final question before doing it

Play · #17 10-30-2018

Quote:

I do not sell on eBay, I sell on depop

You posted in the UK eBay and PayPal section, hence my advice. None the less, my advice still stands regardless of which platform you use.

If you're still confused, its best to speak to an accountant, as the topic is borderline related to taxes, and the forum doesn't have tax experts (none that i'm aware of at least).

Ks1103 · #18 10-30-2018

Quote:

Originally Posted by Play

You posted in the UK eBay and PayPal section, hence my advice. None the less, my advice still stands regardless of which platform you use.

If you're still confused, its best to speak to an accountant, as the topic is borderline related to taxes, and the forum doesn't have tax experts (none that i'm aware of at least).

Do you know if a business bank account shows the personal name or the business name if used to fund a PayPal account pls that’s all I want to know.

Play · #19 10-30-2018

Quote:

Originally Posted by Ks1103

Do you know if a business bank account shows the personal name or the business name if used to fund a PayPal account pls that’s all I want to know.

I dont know the answer to that question. You shouldn't fund PayPal accounts via bank anyway, just a bad practice altogether with stealth accounts and mismatched names.

However, when withdrawing from PayPal (business) to a bank, its the business name on your paypal that shows up.

Ks1103 · #20 10-30-2018

Quote:

Originally Posted by Play

I dont know the answer to that question. You shouldn't fund PayPal accounts via bank anyway, just a bad practice altogether with stealth accounts and mismatched names.

However, when withdrawing from PayPal (business) to a bank, its the business name on your paypal that shows up.

thank you!!!