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Building a membership site and receiving payments in personal name or biz name?

Discussion in 'Membership Sites' started by lazyentrepreneur, Jul 21, 2009.

  1. lazyentrepreneur

    lazyentrepreneur Junior Member

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    I am working on a membership part of a project and I wanted to know the estimated costs for setting up some kind of account where your personal name is not on anything people would see when they're paying you through paypal, for example. Do I have to set up an LLC in my state, pay $200 or whatever, and then go to the bank to set up a business account? I am on low operating costs at the moment. Can you just come up with a bs business name with paypal and get an EIN or use your SSN and mask the payment through the business name? Of course you'd have your bank set it up so they know you can collect in that name. Just looking for advice. Thanks.
     
  2. acesUP

    acesUP Registered Member

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    As far as I am aware you can just set up your business account with paypal, and these funds can be transfererd to a personal account. That way as far as your customers are concerened you are abc company, but the money goes to Mr Bob Jones. I do this in the UK, have a business paypal account but personal bank account. works fine for me here. Hope it helps
     
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  3. GTP_Smile

    GTP_Smile Registered Member

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    Im assuming you're in the US. Definitely use an EIN which can be obtained quickly here:
    Code:
    https://sa1.www4.irs.gov/modiein/individual/index.jsp
    (only takes a few mins.) You don't want to use your SSN, thats what the EIN is for..