Legal Question in Constitutional Law in New York

Merchant Account

Yes I just have a simple question. Would it be smart to have the merchant account going to my personal account even though it would be for a corporation? I would switch it over to the corporation once revenue started but for the first client if they paid with a credit card I would have to do this since I do not have the money to open a business account yet. I believe a friend of mine asked a similar question earlier since he is experiencing the same difficulties.

Thank You


Asked on 2/17/05, 1:14 am

1 Answer from Attorneys
Stephen Loeb Law Office of Stephen R. Loeb

Re: Merchant Account

No! No! No! Once you have mixed corporate and personal monies you have pereced the corporate veil. Your corporate protection will no longer be valid should you be sued and your personal assets will be at risk, I cannot stress enough that you should absolutely not link corporate funds to personal accounts.

Should you like to discuss this or any other legal matter, you can call my office to schedule an appointment for a consultation or in the alternative, I can be reached for on-phone low-cost legal consultation at 1-800-275-5336 x0233699.

Read more
Answered on 2/17/05, 9:32 am


Related Questions & Answers

More Constitutional Law questions and answers in New York