Receiving a check from an online payment solutions provider

[benevolent001]

hi today i wanted to withdraw some money from my paypal account through check and clicked witdraw money and check option.

i wanted to know in whom name will paypal issue the check mine or name of the company.
i dont have any bank account in the name of company although i do have account for myself and using same details in the paypal account.
so i think if paypal issues check in the name of company iwont be able to cash it any bank,

So how to proceed.

[Essex_boy]

Is teh Paypal account in your name or teh Firms?

'Cos theres your answer.

[benevolent001]

On the front page of my account information it shows as follows

NAME: Company (My name)

What does this mean?

[Raymond]

You will get a check issued to your company name.

[benevolent001]

oh
So i think i have take different route then as i dont have bank account for my company name i have to shift those to my personal account and then...you know

Any ways thanks for ur comments

[lorax]

Isn't there a way to edit your profile and change the PayPal account holder's name?

[benevolent001]

I think its not there
where it is in your account?
may be its in personal accounts

[lorax]

I only have a personal account which is why I asked.

Would your bank allow you to add on a dba (doing business as) name to your account? Then you could accept the check in your business name the same as if it were in your personal name.

[Sunshyn]

It varies by area, but it wasn't difficult for us to get setup a dba on our checking account. The bank just needed documentation that we'd registered our business name with the town. Registering the name took us all of a few minutes and a couple dollars at the town clerk's office.

I don't know where you're located, but it's usually a simple, inexpensive process. Being able to accept checks in your company would probably come in handy in the future.

[sun818]

Some cities require you to have a business license before you apply for a DBA (does business as). So, it may cost more and may be more involved than you think. For now, I would just withdraw electronically to your personal. You will have a hell of a time trying to cash your company check if your bank does not recognize that name as belonging to you.

And even if you do get a DBA, I'd deposit a small amount first to test the process.

[benevolent001]

Another fear i have regarding company formation is TAXES,

[terrilee]

Hi,

Here is my two cents on the subject:

You can go and register a company name (your real name or some other name) at a registery as a sole proprietor. It costs about 10 dollars.

Then you open a business account in that name at your bank. It costs about 5 dollars a month in fees. You put your real name as the signing authority on that account.

I hope that helps.

[lorax]

Welcome to WebmasterWorld terrilee.

[terrilee]

Thanks Lorax
it is nice to be welcomed in.
I am still trying to figure all of this out! I have put the foum in my favorites and hope to come back again soon and hopefully get some help and tips.
Terrilee