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LTD company / bank account
 

Hello,

Have a quick question that I'm hoping someone can help me with.

I have setup a new company with a business partner on companies house, I have also setup a new ebay/paypal in my business partner's details.

The question I have is will there be any issues if the business bank account is in both of our names? I have previously been banned on ebay.

The ebay address provided & his details are all totally new on ebay.

Regards

Re: LTD company / bank account
 

As long as you are not registered as a director or company secretary you will be fine

:ranger:

Re: LTD company / bank account
 

You can try it. It would not work for what you trying to do.

Re: LTD company / bank account
 

why would it not work?

Re: LTD company / bank account
 

I am a director of the company also.

How do I go about selling on ebay with this in mind?

Re: LTD company / bank account
 

Think about it

Your name and address are banned on Ebay

Your limited company has your name and address listed at companies house

Assume Ebay will check company details (they certainly used to do that)

What do you think?

:ranger:

Re: LTD company / bank account
 

Just become a shareholder with 75% shares and you can control the company, and use your wife/partners details as Director and Sec.
Simple

Re: LTD company / bank account
 

Companies house records also show past directors.

The cost of a company is relatively small. Suggest scrap that one and start again with new details

Then it is very doable

:ranger:

Re: LTD company / bank account
 

cheap place to buy a company please need one asap ..thanks
sorry for jumping on your post .

Re: LTD company / bank account
 

https://www.companiesmadesimple.com/

:ranger:

Re: LTD company / bank account
 

Company is registered at different address a registered office address. would that work?

Re: LTD company / bank account
 

No - Ebay will want id and address details of the directors as will Adyen

Limited companies used to be a good way around but Ebay learned

It's still doable but you need to work harder for it - they wont make it easy for you

Adyen is the real problem, not Ebay

:ranger:

Re: LTD company / bank account
 

Listen to the wise Big dog

Re: LTD company / bank account
 

My son is other secretary directory, if I make him the majority shareholder rather and not use my banned home address and my name but his university rental address 84 miles away. Would he have to be on electoral roll at that address?

Re: LTD company / bank account
 

Not necessarily

Think logically here

There is nothing to stop your son opening an account - you don't need a limited company to do that

But he will need to jump through the same hoops

His ID will need to show his rental address (You can change DL address on line)

His bank statement will need to show new address

I would suggest you buy an old iphone 6 and do all the account opening from the new address/area

That should get you past Adyens checks

After that it will depend on how you operate the account

Only you know why you have found youurself in the situation you are in and if you cannot identify where it all went wrong then it is very likely you will find yourself in the same situation again but having spent money and wasted
assets

:ranger:

Re: LTD company / bank account
 

:ranger:[/QUOTE]
Think logically here

There is nothing to stop your son opening an account - you don't need a limited company to do that.

He's already on it, and I have 2 business bank accounts attached to stealth in ltd company name to pp stealth. Hence use the same banks. I just didn't want to start an account as he graduates next year and someone googles a Dr's name and your found on Ebay too if that makes sense.


His ID will need to show his rental address (You can change DL address on line)

Will that suffice and no need to change address on electoral rol to match DL l?


I would suggest you buy an old iphone 6 and do all the account opening from the new address/area
He has own clean MacBook and Uni rental broadband too.

That should get you past Adyens checks

After that it will depend on how you operate the account.
The hardest part is starting of with zero feedback and losing thousands of feedback 99.1% top rated and thousands of sales history that give buyers confidence to purchase.

Only you know why you have found youurself in the situation you are in and if you cannot identify where it all went wrong then it is very likely you will find yourself in the same situation again but having spent money and wasted
assets

I havent changed over to Mp just maxed out the listings, can't revise or edit anymore either now, bought some time just dont want to press self destruct yet.

Re: LTD company / bank account
 

Does anyone know what business documents ebay/Adyen actually requests?

The ebay I have setup is brand new & not on MP yet, we have made a handful of sales which have gone into the new PP that has been created.

So far the only link me & my business partner have is the company we are both directors of & that's on companies house (formation address given for directors addresses), all details provided to ebay & PP are his.

I am wondering if we should setup a brand new LTD company now solely under his name or open one further down the line if they ask for business information?

We will also be hitting the VAT threshold very quickly, not sure if this affects the above.

Re: LTD company / bank account
 

Yes it will - Ebay will not protect you from C&E and if you are going to hit the limit quickly that suggests to me that you will be coming under some scrutiny - even if you are water tight on your account creation turning over £80K plus in a short time is not generally considered good for new account health

Up to you but you may want to look at how fast you are going

Paypal may also want a retention

:ranger:

Re: LTD company / bank account
 

No it won't. VAT registration/requirements has absolutely nothing to do with account verification or eligibility.

By 'C&E' do you mean HMRC, 'Customs and Excise' hasn't existed for over 15 years now.

The threshold for VAT is now £85,000, it has never been 80K, indeed the last time it was close to that figure was back in 2013.

By 'paypal may want a retention' do you mean there will be a temporary hold on funds if you do not supply a tracking number?



This forum has some great info but there's also a load of misinformation, take care with what you offer up, readers tend to believe whatever is posted even if it is poorly worded at best, wrong at worst.

Re: LTD company / bank account
 

I didn't have the exact VAT figures to hand - I bow to your up to date knowledge

My point is that if you are turning over £80K+ in a short time you will invite scrutiny - but that's your choice

Paypal may well institute a rolling 6 month retention on a percentage of your funds. They may decide that the amounts going through the account are a high risk for a new account and just shut you down - equally they may not - but that's your choice and your risk

Having been on the receiving end of a rolling retention believe me they are a real PITA and potential business killer and best avoided if at all possible

Any advise I give is usually from my own experience - I ask for and receive nothing for it - feel free to do with it as you will

:ranger:

Re: LTD company / bank account
 

I am still a little unsure on how I should go about doing this.

Do I open another LTD company in my business partners name (solely) & provide this to ebay/adyen when we sign up to managed payments?

Further down the line I would like to add a new business account we are in the process of opening (high street bank account with 2 signatories in both of our names) but by doing this the name of the company on the statement wont match the name of the company provided to ebay? Currently my business partner has his own current account attached to ebay/paypal.

Re: LTD company / bank account
 

A limited company is a totally seperate legal entity. In theory you can have as many limited companies as you want and each can have its own Ebay/Paypal account - however - Ebay are fully aware of the implications for them in allowing such a scenario to bypass their security system

When someone is banned from Ebay there is always a reason - you may not agree with it but as far as Ebay is concerrned their action is justifiable. That's why they store yourr details - to make sure you stay off of their platform

When you register your limited company on Ebay their source of information is companies house - not the companies bank. They can see the name, year of birth and, if precautions have not been taken, the home address of any directors.

Ebay assume this person to be the 'beneficial owner' of the company and so they instigate the same checks and security protocols on the 'beneficial owner' that they would on any Joe Soap opening an account. It is the person not the company that has to come through clean

I trust you can see where I'm going with this.

Until you have a guaranteed way of passing both Ebay and Adyen checks it is quite likely you are going nowhere - and that's the big problem

Passing these checks is very hit and miss it seems. A limited company will allow you to bypass the bank account checks by Adyen but not the ID checks

Questions of ID for the directors can easily stray onto 'the dark side' and while no one here would advocate you going down that route, certainly not me, I do know that peoples IDs have been misused - often with sums of money changing hands - some students will do anything for £200 so I am told.

Unless you have a well thought out game plan I would suggest you hold off using a limited company until you do have

But it's your choice of course

:ranger:

Re: LTD company / bank account
 

No point opening ltd company if your not making £85,000 plus which is the VAT threshold.

Re: LTD company / bank account
 

See my post above about wholly incorrect information.

But I'll play along. Tell us why you shouldn't go Limited Company if you're not going to hit the VAT threshold because I've been getting it wrong for over a decade now.

Re: LTD company / bank account
 

Sorry Lucy - I don't understand your point or why you are making it

There are many valid reasons for trading as a Ltd. company and, if done properly can be very useful in bypassing some of the more intrusive enquiries from Ebay and Adyen

Surely the VAT threshold has no relevance whatsoever - unless you know something that I have yet to learn

:ranger:

Re: LTD company / bank account
 

:heh::heh::heh:

Don't mean to be rude but you're saying the only point in opening an ltd company is only if your making £85k plus?

Re: LTD company / bank account
 

Do they check, not only for directors but for shareholders and PSC register at companies house?

Re: LTD company / bank account
 

Directors - they have no need to check anyone else

It used to be easy using a LC but Ebay got wise to it and now check directors as much as T/A accounts

Still helpful bank account wise though

:ranger:

Re: LTD company / bank account
 

So they only check Directors?

Not shareholders, or persons with significant control?

Please confirm, this could be extremely helpful.

A nominee director agreement and undated resignation letter could be all thats needed.

Thanks

Re: LTD company / bank account
 

So a ebay banned person can be 100% shareholder.

So long as the Director of the company is not banned and not linked by address or other means?

Re: LTD company / bank account
 

Why would you include a banned person as a shareholder/

Find a suitable nominee, establish the account and then do what you need to do

KISS works everytime

:ranger:

Re: LTD company / bank account
 

Gotcha ;-)

Nice one.

Re: LTD company / bank account
 

Just to add....

When you create a Limited Company the first thing Companies House does is inform HMRC, so if you've any sense you'll manage the company and its monies/taxation legitimately or face the possible consequences.

The only people who can take money out of the company are employees or shareholders. If you withdraw it as salary then it forms part of someones personal income, part of their personal allowance and part of their tax return. Will your nominee Director (employee) do this for you? If you use the traditional form of paid nominee service the answer is most certainly 'no'. If you use a friend will they want a 'ghost salary' to be declared and eat up their personal allowance? If it's explained to them properly the answer again would surely be 'no'.

So you skip this one and go for the shareholder dividend route. Again, the same as above applies, if you go for a paid for service they will not want dividends withdrawing in their name. If you get a friend to be a shareholder-director then they are accountable for any possible personal taxation on
dividends which have to be declared on your tax return even if there's no tax due.

Would your or I do either of the above for a friend? Not a chance I'll wager.

So you're left with the option of making yourself a shareholder or an employee (PSC) with the director making no financial gain from the company.


The keep it simple angle may work initially to form a company and to use it to create an ebay account but you would be foolish not to plan ahead for the inevitable matters that will arise when you complete your annual returns.

If you see this venture as a longer term proposition then I'd do it right from the get-go. Why not, nobody but you, your nominated director and Companies House would know. Ebay and Adyen wont know a thing.

All this said, the creation of a company, the bank account and supplying the directors personal and residential details to all who ask requires a lot of two-way trust, I hope anyone who goes down this route knows what they're doing.

Best advice I could give to OP? Don't rely on anything you read on here and seek professional advice from a good accountant who will also able to form a company. Not only does this route give you some form of indemnity but for a modest fee relieves you of the burden of preparing accounts, submitting annual returns etc and maintains an air of respectability which reduces the chance of HMRC picking you for an inspection.

Re: LTD company / bank account
 

Hi this is incorrect, ebay check for directors and beneficial owners, which are people with 25% of the shares and or voting rights.

This is e evidenced by the fact that if you go to sign up for a new ebay business account for a limited company, they ask you for all directors and beneficial owners details

Re: LTD company / bank account
 

As above in the last message

Re: LTD company / bank account
 

Hello, please excuse te interruption, I hope you can respond
I was reading forums about getting back on ebay with limited companies, and your name showed up a lot.

I was wondering if you could give some advise on my idea, for how to get back selling on eBay after being banned recently.:

My idea is to get a family member with new address, name etc no links to me (who has already given me their consent) to set up a limited company, then set up a company ebay account from that. Then once ebay and managed payments is all verified, shortly after have my family member resign as director and beneficial owner, and have me put onto the company as director and beneficial owner at companies house , but not notify or change anything with the ebay account.

Do you know if you need to notify ebay of new directors and stakeholders after you have created a limited company ebay account and got managed payments and everything verified?

I'm sure you are supposed to notify ebay of director and stakeholder changes, but would they find out if you don't tell them. Would they 1 day surprisingly hit you with the: we need to verify all of your current stakeholders request one day in the future...

Surely the only way that ebay would know is if there is a change on the companies house register, or if they are doing routine ID checks. Is this something that you know they do?
Thanks very much for help