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4SG
Experienced Member

Importing Credit Card Transactions

We are selling our business to our son - we are transfering everything to him - bank accounts and all.  This is not a storefront but an online business.

How can we do this so our current clients do not have to give us their credit card info to input again? 

We want to make this as transparent as possible to our clients... only thing would be a change of address - all else should be the same.

Any advice would be helpful.

 

 

1 Comment
Established Community Backer ***

Re: Importing Credit Card Transactions

Is your business an LLC or other personal company where everything is tied to your personal Social Security number?  And if so, is that why  you can't transfer ALL of the accounts to him?  (Just trying to figure out what exactly the issue is that you'd need the CC# again?)

 

And if you are an LLC, have you talked to a Tax Accountant??  If not, do not transfer anything until you do!!!  Switching the existing bank account names from yours to his may be immediate INCOME.  Even though you say it's the Company's money, the IRS may look at it as money going from your personal account (remember LLC is tied to your SS#) to him. 

 

I'm not an Accountant.  Just want you to double check.