Multiple questions about business account

jrsteele46
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Ok so first I want to appoligize because I have multiple questions. And than I want to say thank you ahead of time for anyone that can answer my questions. One, I read somewhere you can have multiple businesses under one account by adding different emails. So my question is can each email have its own separate business name? Or do you just use one neutral business business name than just separate it by having different Emails added? Next question, for a PayPal business account do you need a business license for the business you do online? And if not I am assuming you would be considered a independent contractor. Does PayPal send you tax form coming tax season or do you do this by yourself? Third, when you sign up for a business account and it asks you how much you would be making per month and how much per transaction does this also include if you have multiple businesses added to this account? Or every time you add a new email for a business does it ask it separate? Fourth, when you have multiple businesses added to one account do you need separate bank accounts/debit or credit cards or can you just use one bank account and it all just goes into that one? Last one, does PayPal have a way setting up recurring charges for each month for membership sites for your business? And if so is their also a free trial level? Like I said I have a lot of questions. Thank you!
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sharpiemarker
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No, each email address added does not get their own business name, it is all under the umbrella of your main business name But you can create an email address that relates to the store name you use.

 

A business license, not necessarily.  Yes, you would be independent contractor and PayPal sends you 1099-k form if you go over 200 transactions and gross over $20k.  This includes any multiple paypal accounts you may have listed under one tax id.

 

It would mean all transactions under one Business account regardless of number of emails.

 

You can add multiple bank accounts so if you have multple bank accts under your main business name, you can add and withdraw to them but you have to keep the amounts straight in your accounting to know how much to withdraw to ech different account.  It is up to you how you want to do it.  Multiple bank/card accounts or just one and all funds go to it.

 

Perhaps consider setting up different business account for each business entity with it's own tax id (EIN).


Kudos & Solved are greatly appreciated. 🙂

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sharpiemarker
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Buy Now buttons and shopping carts have the "PayPal account optional" option.  Just go to your profile, then click My Seller Tools and click Update for the Website Preferences.  The PayPal Account Optional setting is listed there.  Select Yes and hit the save button at bottom of page.


Kudos & Solved are greatly appreciated. 🙂

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sharpiemarker
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Esteemed Advisor

There are casual sellers using PayPal as well as businesses so according to your goal, perhaps you should get a business license.


Kudos & Solved are greatly appreciated. 🙂

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sharpiemarker
Esteemed Advisor
Esteemed Advisor

No, each email address added does not get their own business name, it is all under the umbrella of your main business name But you can create an email address that relates to the store name you use.

 

A business license, not necessarily.  Yes, you would be independent contractor and PayPal sends you 1099-k form if you go over 200 transactions and gross over $20k.  This includes any multiple paypal accounts you may have listed under one tax id.

 

It would mean all transactions under one Business account regardless of number of emails.

 

You can add multiple bank accounts so if you have multple bank accts under your main business name, you can add and withdraw to them but you have to keep the amounts straight in your accounting to know how much to withdraw to ech different account.  It is up to you how you want to do it.  Multiple bank/card accounts or just one and all funds go to it.

 

Perhaps consider setting up different business account for each business entity with it's own tax id (EIN).


Kudos & Solved are greatly appreciated. 🙂
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jrsteele46
Contributor
Contributor
Thank you so much!! Oh hey since you seem to be a PayPal how to guide lol. By any chance do you know when you add a PayPal buy button or shopping cart to your site if the customers have to have a PayPal account to check out or does it support debit/credit cards to?
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sharpiemarker
Esteemed Advisor
Esteemed Advisor

Buy Now buttons and shopping carts have the "PayPal account optional" option.  Just go to your profile, then click My Seller Tools and click Update for the Website Preferences.  The PayPal Account Optional setting is listed there.  Select Yes and hit the save button at bottom of page.


Kudos & Solved are greatly appreciated. 🙂
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jrsteele46
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Contributor
Thank you. I know this has nothing to do with PayPal. I don't know if you know the answer but it's worth a try. In my first post I did ask if you need a business license to sell online. You stated no but i have looked all over and every I see it states yes. I should explain what exactly I would be doing. I will be creating a membership service site that deals with digital products. Also in the future hope to create other sites that involve with also digital products. There will be no shipping costs, just flat fees. I have tried looking all over to see if I need to register this type of business. But nothing is very helpful. If you don't have the answer I will understand. Thanks for all your help.
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sharpiemarker
Esteemed Advisor
Esteemed Advisor

There are casual sellers using PayPal as well as businesses so according to your goal, perhaps you should get a business license.


Kudos & Solved are greatly appreciated. 🙂
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jrsteele46
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Contributor
I actually read online technically I would be a sole proprietor. Which you don't any license for. Thank you for all your help 😉
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cmwalton
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So even if you are a Sole P you should still file with your state to get an actual license number. Why is that important? 1. You can officially operate as a business owner 2; You can open a business checking account 3; Makes it easier to keep track of your revenue. 4 IT PROTECTS YOU!!! FOR EXAMPLE: YOU WORK FOR YOURSELF BUT YOU DONT HAVE A OFFICAL BUSINESS SET UP WITH THE STATE, WHICH IN TURNS MEANS THAT ALL THE "SIDE" MONEY YOU ARE MAKING IS CONSISDERED YOUR INCOME AND NOW YOU must FIND SOMEONE WAY TO VERIFING THIS INCOME WHEN YOU NEED IT FOR LET’S SAY TO GET An APARTMENT, A LOAN, A CAR BASICALLY ANYTHING, MONEY GOING INTO YOUR BANK ACCOUNT IS NOT CONSISDERED VERIFIABLE INCOME MEANING YOU CAN'T USE IT FOR YOUR ADVANTAGE. ONLY WAY YOU CAN DO THIS IF YOU FILE FOR A TAX ID WHICH IS ACTUALLY FREE, BUT THAT JUST MEANS NOW THE GOVERMENT WILL EXPECT YOU TO REPORT WHAT YOU MAKE NOW, SO LETS SAY YOU ARE MAKING 500 A MONTH STARTING OUT, BUT YOUR OVERHEAD IS 300 A MONTH (OVER HEAD MEANING, THE COST OF YOUR OFFICE SPACE, GAS, INTERNET, COMPUTER PROGRAMS YOU NEED AND ANYTHING ELSE YOU HAVE TO USE TO KEEP YOUR BUSINESS RUNNING), SO NOW WITHOUT THAT STATE LINCENSE YOU CAN'T SEPRATE WHAT YOUR PERSONAL ASSETS ARE VERSE YOUR BUSINESS ASSETS. NOT TO MENTION YOU CAN’T FILE FOR ANY OF THOSE WONDERFUL TAX CREDIT SMALL BUSINESS OWNERS GET. IT MIGHT SEEM UNESSARCARY BUT PLEASE TRUST ME IF YOU ARE MAKING CONSISTANT MONEY FROM THESE 'SIDE' PROJECTS PLEASE FILE TO BECOME A OFFICAL BUSINESS IF WILL PROTECT YOU IN THE LONG RUN. DO SOME MORE RESEARCH ABOUT HE BENEFITS BEFORE YOU DISMISS THE IDEA. 

 “SORRY FOR ANY SPEALLING ERRORS I WAS TYPING FROM MY PHONE”

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jrsteele46
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Contributor
I get what your are saying. But for people like me that are poor we have no money to invest to officially call ourselves a business. Thank you for your advice and concern. But I got it from here.
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DPCreations
Frequent Advisor
Frequent Advisor

@jrsteele46

You may or may not require any expenses for a sole proprietorship busines.  you may or may not require a business license.  It depends on various factors.

In what state are you located?

What is your type of business, retail, service, or wholesale?

Does your state require sales tax collection?

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