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do I need merchant/bussiness account if sole trader and have online shop?

  • 07-11-2010 07:25PM
    #1
    pepe00
    Registered Users, Registered Users 2 Posts: 161 ✭✭


    do I need merchant/bussiness account if sole trader and have online shop?


    will recive payments throught paypal. now i have it connected with my personal account, but- is this ok?

    regards,

    nora


Comments

  • #2
    mneylon
    Registered Users, Registered Users 2 Posts: 7,740 ✭✭✭mneylon


    You'll have to upgrade the account once you start doing any serious volumes with Paypal.

    With a business account you also get telephone support from their Dublin offices.

    I'm not sure if your query is just about Paypal, or are you also talking about your own bank account?

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  • #3
    pepe00
    Registered Users, Registered Users 2 Posts: 161 ✭✭pepe00


    well, my question was about my bank account, not the pay pal.


    so , can run a shop online and have my pay pal funds transfer into my personal aib account? do i need bussiness account in aib bank when selling online as a sole trader?


  • #4
    mneylon
    Registered Users, Registered Users 2 Posts: 7,740 ✭✭✭mneylon


    You can use your own personal bank account.

    It would probably make sense to setup a business account at some point, as I can imagine it would get quite confusing otherwise ..

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  • #5
    JJHOGAN2
    Registered Users, Registered Users 2 Posts: 6 ✭JJHOGAN2


    Agree with previous ost. No issues with using your personal bank account.

    There is always a however and it speak to how you are 'doing business' ie as a sole trader / limited company etc. This is a call for you based on the usual trade off with tax, liability exposure (for any losses as well as any potential claims based on what you sell) and cost of compiance for a company.


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