Msg#: 4148339 posted 7:45 pm on Jun 7, 2010 (gmt 0)
So I went ahead and got a LLC to protect myself. Got my checking account and credit card, which I will be using to pay for all business related expenses from now on.
My question is, what do I do with my existing domain names? What about the Paypal account I use to collect payment from customers? For the domains, can I just go into GoDaddy and update the account to use the LLC name and update all the WHOIS info? And for my Paypal account, can I just update the info as well so that none of my personal bank accounts and credit cards are tied to it? A little confused about all these and would love your help.
Msg#: 4148339 posted 8:33 pm on Jun 7, 2010 (gmt 0)
You'll have to open a new PayPal account, just use firstname.lastname@example.org. Technically your existing PayPal account is a personal one and you should personally pay taxes on it. You want that to stop and start going to the business instead so get a new account.
Domains are an easy update, but whether or not you put them in the company's name is up to you. You might want to keep them in your name personally... if your business ever reaches a point where you're hiring more people or want to sell it, you might want to spin it off separately and keep those domains. It's a lot easier to do that when it's personal property that's leased to the business vs. business-owned. But that's up to you and the type of business you're running (which I have no idea). If you want them to be owned by the business then yeah, just log in and update it.