HELP - In $8,000 Debt To Stripe

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CanuckHat

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My Stripe account is in debt $8,000 to stripe from failed disputes that i lost.

It is connected to my company bank account.

Stripe has shut down my account as they said im too risky to do business with due to the disputes.

What are my options on avoiding paying the debt to stripe if i cant afford it? Can i shut down my company thus eliminating the debt?
 
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If you have an LLC, you can shut down the company without paying with your own assets. (US)
 
What business are you doing with such high disputes??

SMM panel?
 
CanuckHat said:
Wonder if stripe goes after the person or the company
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If the company is incorporated or limited liability then the company is its own entity so they would go after the company. Although depending on the situation personal assets may not be 100% immune.

If the business is not incorporated as its own entity but rather is registered as a sole proprietorship or partnership then the individual owners are not protected and they are liable.

If you don't have money then assets such as house and investment savings could also be at risk.

If you just registered a business name and did not legally incorporate then the business is probably not its own legal entity.
 
RRunner said:
If the company is incorporated or limited liability then the company is its own entity so they would go after the company. Although depending on the situation personal assets may not be 100% immune.

If the business is not incorporated as its own entity but rather is registered as a sole proprietorship or partnership then the individual owners are not protected and they are liable.

If you don't have money then assets such as house and investment savings could also be at risk.

If you just registered a business name and did not legally incorporate then the business is probably not its own legal entity.
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its incorporated for sure, but my personal name is on the stripe acc along with my company name. so im not sure who they would go after
 
CanuckHat said:
its incorporated for sure, but my personal name is on the stripe acc along with my company name. so im not sure who they would go after
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Well if it is incorporated and the corporation or business owns the stripe account and your name is down as the business owner then the liability probably belongs to the corporation.

Of course, I am not a lawyer so probably best to look into the legal set up of the company, contract with stripe and communication and problem history to make sure.
 
Lol. You just made me remember that I have a store which is $250 in debt with Stripe from 2017 because of lost dispute. Never paid. They never took the money from my bank account. They never asked me to pay nor they blocked my account. I used another "store", and was working fine.
Don't know if for higher sums this will be different though.
 
BUMP - anyone have any advice please?
 
You need to see what your agreement with Stripe is. Even if you are a corporation you may be liable as you may have signed as the corporation as well as a personal guarantee of some sort.

Get your application documents and see what it says.
 
It's better to seek a professional advice. They may ignore if it's a small amount of $100 or $200, but for such a huge amount, you're taking a lot of risk. If you can, then it's better to contact an auditor to check your agreement with the company and suggest safest option without getting into any trouble in the future.
 
If you're a single owner of the company you will be liable, unless you file for bankruptcy and have no resources to pay back the debt. And when you do that, they will want to know why you got so many chargebacks and why you ended up losing them.
 
How do you get to owe that much? Is that from a single transaction? I am not sure how it works legally between US and Canada but I am pretty sure there’s a way to go around it.

I hate losing dispute, or even the idea of dispute itself… it’s very risky dealing with stripe
 
They'll first try and get that debit from your bank account they paid to you.
Now it'll depend with the bank you used,if you don't have any balance in it,you'll likely end up having an overdraft and have your account closed.

Shutting down your company won't eliminate any debt,you'll still be liable as the representative of the company.You're better off just closing your Bank Account.
 
CanuckHat said:
My Stripe account is in debt $8,000 to stripe from failed disputes that i lost.

It is connected to my company bank account.

Stripe has shut down my account as they said im too risky to do business with due to the disputes.

What are my options on avoiding paying the debt to stripe if i cant afford it? Can i shut down my company thus eliminating the debt?
Click to expand...
Can you tell me if they put the bank account you have on file with them in negative? Or an update on this situation
 
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