Changing from Individual to LTD company
Hi all, any advice would be appreciated.
I opened my account as an individual seller and need to change to a LTD company or sole trader and have been given 60 days to do so for selling activity reasons, didn’t expect it to do as well as it did so quick. I have now registered a LTD company in my name, and have opened a bank account for said LTD company. How do I make this switch as smooth as possible?
Can anyone please also advise what happens to the money which is currently in my seller account?
Thank you.
Changing from Individual to LTD company
Hi all, any advice would be appreciated.
I opened my account as an individual seller and need to change to a LTD company or sole trader and have been given 60 days to do so for selling activity reasons, didn’t expect it to do as well as it did so quick. I have now registered a LTD company in my name, and have opened a bank account for said LTD company. How do I make this switch as smooth as possible?
Can anyone please also advise what happens to the money which is currently in my seller account?
Thank you.
5 replies
Seller_ZVAz3d5lZuGid
My first comment would be why have you decided to become a Ltd company straight away ? - rather than sole-trader until your business is really established ?
Do you understand the implications of being Ltd ?
I assume you mean Individual Seller Account ? - rather than the individual selling plan ? - (they are two different things, even though Amazon in their wisdom (!!) decided to call them the same name).
Once your ltd has been fully verified, including the new bank account, then you click on 'Transfer account' in the Business Information of your account info.
Seller_RlZVPg3d6ZUGP
Officially the money in your account doesnt belong to the ltd and should be on your personal tax return as income
Did the email telling you that you needed to change entity give you the process to follow?
Seller_TlVkdnoiJiAmu
Hi,
You have to use transfer account options to transfer account from one entity to another entity.
You have to go through all verification after that process of transferring.
Make sure you have Article of Association ready for the further reference.
If one director on the company than no issue.
If two directors on the company than letter of authorization need from another director.
Any support you need just update this posting. Sellers can help you.
Settings - Account Info - Transfer Account
Seller_pZPUigSoKl3Mk
Did you manage to transfer your account?
