Re: LTD company / bank account Quote:
Originally Posted by ebay*merchant 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. | 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 |