Can you change a business account to a personal account?

[2025st]

Hello. I am a lead of a volunteer hs parent group that is in the beginning phases of putting on fundraisers so we may send out seniors on a class trip.

I signed up for a square account; as a business by mistake. We are not a 501c/llc and highly prefer not to get one.

Is it possible to change the newly set up business square account to a personal account?

If yes; at what point will I not be held accountable on taxes for the money raised? 
Or is there a way via different app to do so? Would like to send receipts to businesses; keep track of funds raised.

Thank you in advance.

[TheRealChipA · Accepted solution]

Hey there @2025st.  Square is for business use only.  No exceptions.  Per the TOS, you are not permitted to set up an account to do this.  Also, whatever tax ID is used to process Square transactions automatically becomes the reportable entity — the one responsible for taxes.

I’d recommend that you use something like CashApp or Venmo or such for this purpose.  But before you do that, even, I’d recommend a chat with your school’s administrators for suggestions.  Local and state laws vary and we can not make recommendations about what is best in your situation.

[RobynR]

Welcome to the Community, @2025st!

You can create an account as a business or organization, but Square accounts are not intended for personal use, as @TheRealChipA  mentioned earlier.

Since we are unable to provide tax advice, we recommend reaching out to a tax advisor to determine the best way to set up your volunteer high school parent group's account so that you responsible for the taxes.

You can learn more about signing up for Square here.

Let me know if that helps.