Do You Need a Bank to Start a Small Online Business?
Posted by in BankingQuestion by Scott Hardy: What type of banking is needed to start a small online business?
What type of banking is needed to start a small online business?
Hello,
Me and my Friend want to start a website selling items. We are not sure about banking though, what bank account we need and how to open them. We are only 15.
Thanks for your help.
Best answer:
Answer by Sando
You can open a Paypal account and them make a free website to sell your products on www.webs.com
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You can open an account as sando says but you will still need a bank account to transfer the money to because they do not write checks anymore they do direct deposits. You can also start a merchant account which allows you to use all the major credit cards but of course you need to have a bank account to do this and set it up through them.
As far as a what type of bank account you need is another question. If you plan to run the business as a sole proprietor under your Social Security number then you can open a bank account in your name with a DBA attached to it (Doing Business As) which is what ever you choose to name your business. You want to check to make sure the name you use is not already active or you may be in trademark or copyright infringement.
Since you are doing it with a friend you will most likely set the business up as a partnership and I don’t think you can do this under a basic business license, you may have to incorporate as a limited partnership, it’s something to check out. The banks may also require you to incorporate in order to open a business bank account. The best thing to do is call your local city government and have the question answered about partnerships then talk to the bank to see what is required of you two to open a bank account.
The other problem I see is that you are 15 and the banks may not allow you to open a bank account of any type without a parent or guardian to co-sign the account so check this out. The same applies to forming a business.
Sorry I can’t be of more help but I hope this gets you going in the right direction.
Good luck to you and your friend.