Paypal transferal to a ltd company

[JustTel]

I'm trying to get my limited company sorted for use and one issue I have is my Paypal account. I have a Paypal account that I have been using for a fair few years and would like to change that to be solely used for business use and set up a new account for my personal use. My thinking for doing it this way is because of the limitations put on new accounts by Paypal (I'm lead to believe).

Looking at changing my name I get this option:

We are unable to change the name on a PayPal account to a different person's name. To use PayPal, you can open a new PayPal account.
You can make a minor name change on your PayPal account if you registered using a nickname, a fictitious name, or made a typographical error.

Please select the type of change you would like to make:
Personal Name Change (marriage, divorce, legal)
Personal Name Change (incorrect at signup or minor name change)Business Name Change (change contact name)

Could I change my name using the 1st option? "Personal Name Change (marriage, divorce, legal)"

Any other advice regarding using Paypal for my limited company would be very much appreciated.

 

[Parrot Hosting]

You can (and I have) change an owner from an individual to a business ltd company but you will have to allow them to validate it due to fraud and money laundering regulations.

However, opening a new paypal account for the Ltd company would mean you can safely separate personal from business history and this in my view would be a better (cleaner) way to go. It takes very little effort to verify and validate your new account. It requires nothing more than initially giving them verification that you have access to the bank account by validating to amounts of debit.

When you hit £2000 you will be required to further validate your account (FSA regulations) by submitting proper identification for the business and thats about it.

Its actually bad practice to take an existing paypal account and make it a Ltd company one but not against the law or rules so if there are extenuating reasons for doing so then there is nothing to stop you so long as you are seen to be above board as far as PayPal is concerned.

 

[Indivijewelistic]

I opened a second business bank account which I registered to the paypal account because I didn't want to risk giving my main limited company account.

I heard some horror stories about paypal security (although I think it is much improved now). I transfer the money accross to my main account when it comes in. If something nasty happens I can close the account without losing my main account and it also allows me to keep a check on what has come in and what is being charged by paypal.

 

[JustTel]

Ok, that makes sense. I've opened a nice new fresh business account in the company name. Thanks for steering me in the right direction.