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View Full Version : Regarding setting up merchant account


sinc888
04-16-2008, 12:09 PM
Hi all,

I am planning on applying for a llc license and I want to know when applying for a merchant account can I apply under my worker's information ? How does LLC license and merchant account work's if I'm the owner but I do not want to associate myself with the merchant account ?

Thanks

Formpay
04-16-2008, 12:48 PM
Hi,
Yes you can. You will however will still be associated with the account, but if something goes wrong and your business fails and you owe the merchant company money, your llc will owe them not you personally like if your business gets sued.

How it will work is basically like this:
You will enter the legal business name as ? "your company, LLC" as both leagal busines name and DBA on the application, use your business address and phone numbers for all contacts except for the personal section. When it ask for EIN or SSN enter your irs issues FEIN Number.

You will still however need to put your name SSN etc for a merchant account.

Side note:
When i used to do this for a living, i all the time got people who were operating a sole proprietors (which really makes no difference to the merchant company anyone can get an account) who entered the business name they wanted to appear on customers statements in the legal business name section. If you are about to sign up for an account as a sole proprietor please do your merchant company a favor and in the legal business name section enter YOUR NAME. Then in the DBA section enter the name you want to appear on the customers credit card statement.

sinc888
04-16-2008, 02:42 PM
I mean like;

I am the owner of S Production LLC.

I want to setup a merchant account under S Production LLC.

I would like to setup a merchant account under S Production LLC but I do not want to sign up for the account under my ownership.

I will be having a worker that will manage all the activity to signup for the account under his name and information.

How would that work ?

Formpay
04-16-2008, 03:09 PM
You can not do that. Unless the worker is a the owner of S Production LLC. What you can do is have the worker sign up as a sole proprietor and have the DBA name as "S Production" leaving out the LLC.