Can I Transfer My Business Account to New Owner?

[julieandrus]

I'm selling my online business that uses PayPal Payments Pro. Can I change all the information in my business account to the new buyer's information and keep the account integrated with my shopping cart? If so, will we each get a 1099 form for the portion of the year that we owned the business?

[PayPal_RachelK · Accepted solution]

Hi @julieandrus,

Thank you for your post!
 

I do understand your query. If someone has taken over your business officially, as in the business registration documents have been updated, then yes the details can be updated.

The new owner would need to request a name change on the PayPal account, and update the contact details if necessary.

For tax purposes, I would suggest you keep note of the date the new owner took over the business. This will help you with reporting your income. 

If you have any further questions, please don't hesitate to contact our Customer Support. To contact us, simply click here. Alternatively, you can contact us via Facebook https://www.facebook.com/PayPal or Twitter @AskPayPal.
 

I hope this helps!

- Rachel