Collecting payments without first registering your biz name

If you are going to have checks as a form of payment, your bank will want a fictitious name registration or business license from your local municipality in order to open a business account and won't allow you to deposit business checks unless they are made out to you, personally.. So, collecting payments is not the problem, it's what do you do with the payment after you collect it?

My PayPal account is a business account. I can't remember if I was forced to do that or if I did it to have access to more services.

Sure, l did a business course recently and your name is enough, and PayPal, etc.

But if you want to take your business to the next level, (board of directors, etc) then it will need to be registered.

I think a personal Paypal has a max limit of $500 so If the service is under $500 should be ok to get started. You'll still need a long term plan.

Why is this thread in the OT?

As a former banker, yes you can collect payments before you register a business entity or DBA, but you cannot collect payments in the name of that business. Only your personal name.

No bank would let you deposit a check in a business name into any account other than one that is titled in that business name.

The problem with that is I think you lose some credibility in the eyes of the business. They are going to wonder if you are a legitimate business owner, and if so why would you not have a business entity setup.

Registering a DBA is free and takes very little time. Then you can set up a bank account, which also shouldn't take much time. In the U.S., you can do this online and print off the documents the same day.

In the U.S., you can set up an LLC through something like LegalZoom for about $300. The price will vary from state to state. You would have the necessary documents to set up your bank account in about 2 weeks.

Or you can go to a local lawyer. Most of them will charge anywhere from $500 to over $1000 to set up an LLC for you.

You can set up an LLC yourself also, but unless you are familiar with the process, I wouldn't recommend it.

Same goes for setting up a corporation, but you need to double or triple the fees and understand the difference between an S-Corp and C-Corp.

Do not forget to get a federal tax identification number. Should get that first just go to the IRS. - https://www.irs.gov/individuals/inte...on-numbers-tin

I think for moral values and providing trust to your prospects / customers, it will be best to register your business first.

Before providing any service.

Let alone payments.

I second this advice. SCORE is a terrific resource that is sadly underutilized. They'll hook you up with someone who can help you figure out which business entity you need, along with how to get it set up properly.

Oh, and SCORE is free -- paid for by your tax dollars.

Also check out square at https://squareup.com/


Can't remember what all the differences are between them and Paypal but I know a big one is the ability to take a client's credit card # and process it on your end whereas I believe with Paypal, you have to send them the invoice to pay and/or have it all set up on your website.


Also, just found out today that Square has their own CRM and/or integrates with Zapier to Hubspot CRM so for clients who are old school and have NO existing CRM, I think this is a good system for them to start collecting client data from taking payments which shouldn't impact their existing workflow too much other than now they can ask for an email but helps us as marketers since we can now use that data for retargeting and lookalike audiences. Just today, I had a guy show me two cabinets full of files where he never inputted the info into any computer, so while this might be a hassle, for someone like me, this is an easy sell since I'm not only selling them marketing services, I'm selling them organization.

i teach people this, use someone else funnel and their site, but collect names.

I did this when I was broke and had $100 dollar days, these days i am having $500 dollar days, cause i just ramped it all up.

But base this around email marketing you do not even need a domain name, just use the AR sites.

Absolutely. Sole proprietor

If you have a business account, you can get the PP dongle that plugs into a cell phone or tablet. This enables you to swipe a credit card onsite.

Don't worry about biz names when you first start.

Worry about collecting money and doing good work. Once you start to grow you can create the biz name and steamline it to your work.

Yes, you can collect money as an individual as well.

I own openInvent and bitsfit trademarks and I have not Filed A fictitious business name statement nor DBA because I dont consider my clubs to be businesses. Also I am non profit without 503(c). I am sole proprietorship because my relative got slapsticked for Embezzling his company car for non business purposes in a LLC.

What ever you do it mainly matters if you can afford a lawyer to defend you in court otherwise you are denied freedom of speech in court and the judge strikes evidence and your statements from the court record like if you say "3 strikes and your out judge!" or "False Representation of the people by 1 district Attorney!"

then you have to cover your face with bandanna to avoid anthraxings and gassings.

You can accept direct payments via PayPal without a business account.