Liabilities

[UKF]

Hi all, im new and hope im posting in the right place. I have a new business which is ltd and want to open a square account with a card reader, i have contacted square who dont seem to know the answer so my question was , would the limited be liable for the account or myself , i know that to open it i have to enter my personal details and the add my business as a module . You can add multiple businesses but still cant see ultimately who is liable.
thanks in advance

 

[fisicx]

The company would be liable.

It's no different to any other payment system. You need to add your personal details so they can do their money laundering and credit checks but the card reader and payments belong to the company. I'm assuming you do have a business bank account.

 

[UKF]

Thank you for your quick response much apreciated

 

[WaveJumper]

Interestingly I just did a quick google on them:

"Square does not offer traditional business bank accounts in the UK in the same way traditional banks do
but provides payment processing services and access to financing such as Square Cash Advance. For its financial products like Square Loans, a personal guarantee is explicitly stated as not being required"

I was actually wondering if there might be a catch and a personal guarantee might be hidden away in the T&C's but apparently not, and as indicated above by @fisicx all the other info required if for compliance issues and money laundering checks etc

 

[syedsheraz]

Hi all, im new and hope im posting in the right place. I have a new business which is ltd and want to open a square account with a card reader, i have contacted square who dont seem to know the answer so my question was , would the limited be liable for the account or myself , i know that to open it i have to enter my personal details and the add my business as a module . You can add multiple businesses but still cant see ultimately who is liable.
thanks in advance

To clarify your question, when you open a Square account for your LTD company, the business (the LTD) would typically be the one liable for the transactions processed through the account. However, since Square asks for your personal details during the setup, they are likely verifying your identity for security and compliance reasons (such as anti-money laundering checks).


The personal details you provide are usually linked to your role in the business (e.g., as a director or owner), but the legal responsibility for the account generally rests with the business itself (your LTD). That being said, personal responsibility may still apply if the business doesn't meet its obligations or in the case of any legal issues related to the account.


Square’s system is designed to link your business to the account, but you remain the primary point of contact for customer support or disputes. If you’re still unsure about the details or liability, I recommend reaching out to Square again and asking specifically for the "Terms of Service" related to liability and business accounts, as they should be able to provide a more definitive answer.


I hope this clears things up a bit! Let me know if you have any other questions.