Collecting money for a foreign business
Asked by: danielle - 24 October, 2012
We are the receiver of money for a foreign business. They sell thru paypal and amazon. The money the will come to us. Then we will wire the money to the foreign company. Do we need any special license or contract to do this?
We are the receiver of money for a foreign business. They sell thru paypal and amazon. The money the will come to us. Then we will wire the money to the foreign company. Do we need any special license or contract to do this?
Answered by: Robert Kowalski - 26 October, 2012
Dear Danielle,
I would say having a contract is not a bad idea at all - after all, if you have business relationship with another firm then having the terms of that relationship written on a signed piece of paper is what makes this relationship legal.
As far as licensing goes, this would fall under a category of "third party billing", and in many states requires licensing (but not on federal level). To see if your state requires such licensing please let me know what that state is and I will check it for you.
Dear Danielle,I would say having a contract is not a bad idea at all - after all, if you have business relationship with another firm then having the terms of that relationship written on a signed piece of paper is what makes this relationship legal.
As far as licensing goes, this would fall under a category of "third party billing", and in many states requires licensing (but not on federal level). To see if your state requires such licensing please let me know what that state is and I will check it for you.
