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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 99621
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I just need some clarification about business im in. I have

Customer Question

I just need some clarification about business i'm in.
I have an company. ***, Inc. I have a web site. Nature of my business is:
My clients people from former USSR republics. They are placing orders on my web site for items, that some online store does not deliver to lest say Russia, or on ebay, or on amazon etc.. So they pay me, i purchase, receive this purchase, and resend this to the specific client. I also have few large clients, who purchasing same stuff. The way i got payment from them.. it's i have an access to their account, and when time to pay, i just go to ATM and withdrawing money (cash) and deposit them on my business account. Monthly i may have about 20-30K of cash, but in the same time, it's all spend on postage ans purchases. Current bank is kicking me out for "suspicious activity", even i have all prove and paying taxes. Now i'm looking for new bank. Could you tell me please:
1)Who am i (how's my business activity called correctly)
2)what kind business i'm in
3)how can i work with cash and justify it to the banks
Thank you
Submitted: 4 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 4 years ago.
1-2) you are a reseller of merchandise, which is an acceptable business and is not illegal. You can purchase items and sell them out of the country as long as the shipments of those products is not prohibited by the export rules and laws of this country or the import rules and laws of their country.

3) You need to sit with the bank management and provide them copies of your Tax ID for your company and your tax returns showing that the money is gained through lawful activity. They should already have a copy of the Tax ID and the Corporate Certificate you received when you registered your company because that was required when you opened a business account. If the management will not accept that, then move to another bank and provide them the information and discuss your business with them to show that the cash deposits are from cash sales from your business. Plenty of businesses have large cash deposits so I do not see why this is a problem for your particular bank.

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Customer: replied 4 years ago.

Good morning,

but how do i justify cash? When i get it from my client account. By the way, if client send me his credit/atm card, and when he has to pay, he deposit money on his side, and i withdrawing here, in states from his card. Is it legal? He making payment to me in cash, a withdrawing cash...Can it be a problem, if CC/atm card is on his name.

Thank you

Expert:  Law Educator, Esq. replied 4 years ago.
I am confused, they have an account here and they give you their ATM so you can withdraw cash from it?
Customer: replied 4 years ago.
Yes.I got their card, so i can receive payment faster, and they can pay faster
Customer: replied 4 years ago.
besides, i'm protecting myself from none paying. I withdrawing cash from ATM when my client deposit it. I just physically have his atm card, it was mailed to my by him.
Expert:  Law Educator, Esq. replied 4 years ago.
This is an awkward way of doing business, but not illegal as long as you have their consent. Banks are always cautious of large cash deposits, but they take them from other businesses (such as convenience stores with large cash income) and again there is nothing unlawful in your business, you just need to prove the business is lawful to the bank officials or use another bank that will accept your proof.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 99621
Experience: All corporate law, including non-profits and charitable fraternal organizations.
Law Educator, Esq. and 2 other Business Law Specialists are ready to help you
Customer: replied 4 years ago.
Yes, you are right, problem is a cash, which i have sometimes 20-50K monthly. But i also have same amount of spendings for postal services and actual purchases, which is visible in statetements from bank. They just told me, as of online business you have alot of cash, and it's no no...
Expert:  Law Educator, Esq. replied 4 years ago.
That is a red flag, but if you can prove the income and expenses and that taxes are being claimed they should work with you. The bank is trying to protect against money laundering.

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