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Hi, I want to start a for profit business that will basically

accept money on behalf of...
Hi, I want to start a for profit business that will basically accept money on behalf of another person which I will then forward to the appropriate bank account.

What problems should I anticipate?
How can I prove my legitimacy?
Do we need liability insurance?
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Answered in 6 minutes by:
7/7/2009
Roger
Roger, Attorney
Category: Business Law
Satisfied Customers: 31,796
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Verified

You're likely going to need special licensing if you're handling money as an intermediary. You should contact your Secretary of State (http://www.cyberdriveillinois.com/contact/contact.html) and ask what license you need to acquire from the state to be legally operating.

 

You can establish that you're legitimate by being licensed and registered with the Secretary of State.

 

Yes, you do need liability insurance. All companies face problems and you don't want a mistake to cost you your business.

Roger
Roger, Attorney
Category: Business Law
Satisfied Customers: 31,796
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Verified
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Roger
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Category: Business Law
Satisfied Customers: 31,796
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Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters

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