I would like to know what would be better when opening a merchant account in paypal.
There are two options
Premier account - do business under my name
Business account - do business under my company or group’s name
what would be more convinience in terms of paying taxes, and earning more at the end of the year?
In other words which would be better?
ok, I got some of what you say. The website will host business selling the same products a national level let say. But the money is coming from costumers who goes to the website and buy, Now they will buy from the different stores that each one will publish their services through the website and the name of the store will be given as well so the costumers know from what store they will be buying from. Now If x user buys from X store then that store will have some money gained, So I will have to somehow pay them that money. Is there a possibility that automatically transfer that money from x user to a x store account directly or the only way and easier way is to do it manually and calculate it yourself and then distribute the money on my own like that.
I am not clear yet!
If you’re holding it “in trust” for people who need to be paid, best to keep it in PayPal and send it out like it came in (as bank transfers can take a while). I tend to only transfer money to my business bank account when I know the 30 day refund policy is past and I know there’s no outgoing expenses that need paying off to third parties (just the way I do it though). It reduces the complexities (and the money in the business bank account is for investing in my other schemes) lol.
And after you hold all the business earning how it would go to send all the money to each business?
Will you use paypal or deposit it into their bank account?
I would say the business name as it’s the website brand that’s earning the income rather than you explicitly on a personal level. It makes sense to hold all business earnings under a business account just for the sake of consistency, but as long as you firmly establish how much you made and account for it at tax time, there’s unlikely to be any issue. What I will say though is you may find it more professional having your business name as that’s what will appear on credit card slips when people pay you. I work as a freelancer and get paid not only for work but ad revenue and I just class it under my business earnings as a single lump sum.
I use Website Payments Standard using my Business name in opposition to one of their monthly cost accounts. In regards to taxes, it depends what kind of worker you are… if you’re a freelancer who trades under their own name, then use your name, but if you trade under a brand, use the business name.
it looks like it will be under a business name.
I am not using paypal for freelance work right now, I am intended to use for a business website where it will use third party advertising their products and they will pay for that advertisement. Now my question is in that sense what would be better to open the business name or in my own name. I guess the business name will be more suitable for this case since there are other companies involve?
What do you think on this sense?