Do I NEED a Business account? What are the benefits?

[cheerup347]

Hi there,

I'm about to start a very small UK Mail order record store through the "bigcartel" online shop format. This requires you to use paypal. Which is fine because I have had a personal Paypal account for years.

I want to create a new Paypal account to keep the finances seperate. I will be dealing in very small quantities of money.. at least for quite a while

What are the differences between a personal and busines paypal account? Is it essential I use a business account if it has funds from my business going into it? How much more does it cost?

Thanks

[kernowlass]

Personal accounts  This account is ideal if you shop online. With a Personal account, you can make payments on eBay or other retail websites, or you can use PayPal to send and receive personal payments from friends and family.

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Premier accounts  Premier accounts are for people who buy and sell regularly online. You can shop on eBay and on hundreds of retail websites, or send and receive money from friends and family. You can also accept credit card, debit card and bank account payments when you sell on eBay or on your own website. Premier accounts operate under your name (not under a business name).

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Business accounts  Business accounts are for businesses transacting online. With a Business account you have all the capabilities of a Premier account, but you can also operate under your company or business name. In addition, Business accounts have multi-user access, so you can assign permissions to employees to

[cheerup347]

I've read the descriptiopn but it doesn't really tll me what the differences are?

Is it a lkegal requirement that I NEED a business account if using paypal for my business?

I really don't need any of the features it describes.. as the business is me alone and very small amounts of money to start with?

Thanks

[PayPal_Wayne]

Hi there cheerup347,

Some of the benefits of a Business account are:

 - multi-user access. This allows different people in an organisation to access the account.....not really a benefit to you as you are on your own in the company.

 - The Business account allows you to have a business name so your customers don't see your personal name when doing transactions.....this my not be an issue for you.

There is no legal requirements when it comes to the type of account you should have. It is totally up to you.

I hope this answers your question

Wayne