Hi @Sunydee ! Welcome to the Square Community!
No, you don't necessarily need an LLC to start accepting payments through Square. Here's what you need to know:
Business Structure Options
You can set up Square as a:
- Sole Proprietorship
- LLC
- Corporation
- Partnership
Minimum Requirements for Square Setup
-
Basic Information Needed:
- Legal name
- Date of birth
- Social Security number (SSN)
- Home address
- Valid bank account
- Valid government ID
-
Business Information:
- Business name (can be your name for sole proprietorship)
- Business address (can be home address)
- Business category/type
- Description of what you're selling
Important Considerations
-
Legal Requirements:
- Check local business license requirements
- Verify if you need sales tax permits
- Research any industry-specific regulations
-
Tax Implications:
- Keep records of all transactions
- Plan for self-employment taxes
- Consider consulting a tax professional
Best Practices
-
Short Term:
- Start as sole proprietorship
- Keep detailed records
- Save for taxes
-
Long Term:
- Research business structures
- Consult legal/tax professionals
- Register with state as needed
Remember
- You can start processing payments immediately as a sole proprietor
- Update your account later when you form an LLC
- Keep track of all sales for tax purposes
- Consider business insurance options
Note: While you can start without an LLC, consult with a legal or tax professional to understand what business structure best suits your needs and local requirements.
I hope this helps! Please let me know if you have any questions.
