Do I need seperate paypal account for business?

[BitShift]

Ok, so Ive had a paypal account for a long time which I used for buying stuff online. Now I have a business started and have opened a business checking account. Do I need to setup a seperate paypal account? What if I want to buy something for personal use that is not part of my business - how do I keep that purchase from using funds from my business checking account, yet allow someone to pay me and then transfer those funds to my business checking account?

[LifeinAsia]

I would setup a new PayPal account that is linked to your business checking account. It's best to always keep your business/personal expenses/income separate.

[bwnbwn]

Yes I highly advise setting up another account. Keep your personal account and set up a business account best all around especially when it comes tax time.

The accountant won't pull his hair out trying to figure the mess out.

[LifeinAsia]

The accountant won't pull his hair out trying to figure the mess out.

Nor will you be charged for his time for pulling his hair out. :)

[T_Miller]

Personal PayPal accounts can only *receive* FIVE credit card payments per year. And with a pretty high fee at that.

To use PayPal for selling purposes, you need a business/premier account.

[paypal.com ]

[edited by: lorax at 10:39 pm (utc) on May 1, 2009]

[BitShift]

I created a 2nd paypal account as everyone suggested, and set it up as a premier type account, along with attaching my business checking account. I had been selling under the old account, but not as part of a business, nor on a regular basis. I knew I needed a business checking account to keep funds separated, but wasn't sure about the paypal account. It makes sense now.