2 companies and 1 recieve wire

Alexmorgan · Dec 12, 2023

Greetings

I formed second company in wyoming as the same of the first one all mine and under my name

All my contracts is with the first one

So if the companies that i signed their contracts with my first company and now i want them to send wires to the account of the new one that they dont have contract with is that gonna trigger any compiance with Mercury bank?

Sols · Dec 12, 2023

If/when Mercury asks to see the agreements between your new company and the client that sent you money, it's going to be very strange for Mercury if the agreement is with another company.

It would be best if you sign new agreements with your clients.

Alexmorgan · Dec 12, 2023

Sols said:
If/when Mercury asks to see the agreements between your new company and the client that sent you money, it's going to be very strange for Mercury if the agreement is with another company.

It would be best if you sign new agreements with your clients.

Even if they both mine?

How about if i moved the ownership of first company to the new one?

And believe me contracting on some of my projects was so difficult and asking to sign new contract is pain in..... .

Sols · Dec 12, 2023

Alexmorgan said:
Even if they both mine?

Yes, because they're different companies. Companies are different legal persons. You can't commingle funds across companies just because you happen to own both.

Alexmorgan said:
How about if i moved the ownership of first company to the new one?

That's slightly better, but it's still strange for a parent company to receive payment on behalf of its subsidiary if there is no good reason for it. To a bank, the UBO wanting to be anonymous isn't a good reason.

clemens · Dec 18, 2023

Sols said:
Yes, because they're different companies. Companies are different legal persons. You can't commingle funds across companies just because you happen to own both.

That's slightly better, but it's still strange for a parent company to receive payment on behalf of its subsidiary if there is no good reason for it. To a bank, the UBO wanting to be anonymous isn't a good reason.

Agree, you must make some sort of contract / agreement between the two entities or have a good reason to invoice the subsidary company.