topic Re: Personal vs Business Accounts - upgrading to a shop. Advice please in Selling

Personal vs Business Accounts - upgrading to a shop. Advice please

onethousandprojects — Sun, 02 Jun 2013 11:29:15 GMT

Hi,

I'm looking for advise. I have an existing account that I have used over the years for personal sales/purchases. I am about to open a shop for a business.

I realise I can just upgrade my existing account to a shop but if I decide to maintain an account for personal use and a seperate account for business use, which I believe I can do, would you recommend I start a new account for my personal use and upgrade my current account (with the feedback and history) to the shop or vice versa?

Does it really matter if I start a business from a new account with no points/feedback?

With thanks

Re: Personal vs Business Accounts - upgrading to a shop. Advice please

foxette-in-sox — Sun, 02 Jun 2013 11:46:10 GMT

Use this account as the business/selling one as it has credible long term feedback & start a brand new one just for buying.

Re: Personal vs Business Accounts - upgrading to a shop. Advice please

arnl7178 — Sun, 02 Jun 2013 11:51:27 GMT

I agree with Foxy. If you were to open a new account for business purposes, you'll find it harder to sell than you will with your more established account.

I believe you'll also be restricted to how many items you could sell on a new account as well but I'm sure someone will come along and correct me if I'm wrong about that one.

Good luck OP!

Re: Personal vs Business Accounts - upgrading to a shop. Advice please

onethousandprojects — Sun, 02 Jun 2013 12:05:43 GMT

Thanks guys.

I just did some more searching and found some more posts related. It seems the feedback will help and for the personal stuff I can start at zero again and build it up making purchases.

Great to get your feedback and the confirmation as I was really wrestling with which way to go.

Re: Personal vs Business Accounts - upgrading to a shop. Advice please

kopenhagen5 — Sun, 02 Jun 2013 12:10:29 GMT

As said many suggest one for buying and one for selling.

But don't change your PayPal to business, no need. You can have up to 8 ebay accounts linked to the same PayPal.

You just need another email address for the new ebay account.

Re: Personal vs Business Accounts - upgrading to a shop. Advice please

piratepete2ndid — Sun, 02 Jun 2013 14:04:20 GMT

Be aware that if you register an business with eBay you will not be able to downgrade it. The ATO doesn't care what sort of account you have registered as long as you declare your income.

As advised, I would keep the current account for your business and use a new account for buying/private selling.

Re: Personal vs Business Accounts - upgrading to a shop. Advice please

onethousandprojects — Tue, 04 Jun 2013 01:55:53 GMT

Thanks everyone for your help.

I've added a new email address to my paypal account. I've registered a new ebay account. Thanks for the tip on not going 'business'. I can see by adding different bank accounts to paypal I can separate the personal and business money - plenty good enough for ato purposes.

I wont be posting in these forums as this user ID again so THANKS and I'll catch you on the sly from my alternative user ID 😉

Re: Personal vs Business Accounts - upgrading to a shop. Advice please

bigbrickshop — Tue, 04 Jun 2013 02:17:33 GMT

You may find it easier to have separate PayPal accounts for business and personal use and/or to keep your selling and buying apart. A PayPal business account also has extra reporting features and your business name appears on the buyer's statements.

Re: Personal vs Business Accounts - upgrading to a shop. Advice please

onethousandprojects — Tue, 04 Jun 2013 03:04:24 GMT

I think at this stage I'm going to stick with personal until things kick off (hopefully) and then I'll review the personal vs business versions but thanks for the tip.