INFORM ACT - Legal Entity Change
We are wanting to update our Legal Entity to our LLC and switch our bank account from a personal checking to a business account in the LLC's name. A missed disbursements could put us out of business quick, so we want to get this right the first time. We have our LLC paperwork from the state, our business license, a bank statement in the LLC's name, and our EIN letter.
Is there anything else we should have on hand before we initiate the change? When this whole INFORM act thing kicked off, I remember people saying that they hyphenated the legal entity with their name, ("John's Awesome Widgets - John Doe") is this still considered a good practice?
Anything else anyone can suggest to be mindful of or to watch out for?
INFORM ACT - Legal Entity Change
We are wanting to update our Legal Entity to our LLC and switch our bank account from a personal checking to a business account in the LLC's name. A missed disbursements could put us out of business quick, so we want to get this right the first time. We have our LLC paperwork from the state, our business license, a bank statement in the LLC's name, and our EIN letter.
Is there anything else we should have on hand before we initiate the change? When this whole INFORM act thing kicked off, I remember people saying that they hyphenated the legal entity with their name, ("John's Awesome Widgets - John Doe") is this still considered a good practice?
Anything else anyone can suggest to be mindful of or to watch out for?
0 replies
Seller_MyXY4Myx9zVcR
It sounds as though you are doing everything right, but it is risky to make such changes during a time when Amazon is very slowly implementing changes required by the INFORM Act.
You might consider holding off making any changes to your account until the coyote swallowed by the rattlesnake makes its way through the system.
Steve_Amazon
Hi @Seller_hnKu5Y8FFUG3l,
Steve from Amazon here, thanks for the post. You can view the required documents needed in this resource. I am also dropping some additional resources below with information on how to update each sub-section of information.
Add, update, view, and verify your bank account information
These changes may re-trigger the verification process, potentially including post card verification if the business address changes.
I call this out because you mention not wanting to impact disbursements so you may want to time making these changes right after a disbursement clears so you have time to complete the verification process before the next disbursement.
If you have any other question please let me know.
Thanks,
Steve
