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Can I use personal account for business?

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Contributor

Can I use personal account for business?

Hi everyone,

 

I've been having personal PayPal account for a long time. Now I decided to start my small business and set up single member LLC. I need PayPal account to pay my suppliers (I'm not going to accept any payments, just transfer money for the inventory). Can I continue to use my  personal account (just add my business email and credit card information) or should I upgrade to business account?  If I stay with the personal account, but pay with the business card, will it be ok for the tax purposes (filing deductions)? All transactions will be in my personal name, not business name, right?

 

Thank you

1 REPLY 1
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Moderator

Re: Can I use personal account for business?

Hi @svetlapas,

 

Thank you for your post and for joining the community! If you have a business and the financial credentials are in the business name, the account should be upgraded to a Business account in order to add them. If you would like to associate the transactions with your business' TIN, that would also be a good reason to have a Business account.

 

I hope this helps!

 

Olivia

 

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