Changing account owner in Stripe

[tomwis]

Is this possible and easy to change account owner in Stripe? I have one LLC (in Delaware) fully reigistered (with EIN), so I would like to start Stripe account as soon as possible, while waiting for EIN of my other LLC (in Wyoming) to be approved by the IRS.

Is changing owner a difficult process in Stripe? Only changing entries in Stripe forms or does Stripe require faxing some paperwork? Or make it difficult in any other way?

 

[LoveMyLife]

It is not possible nor legal. It is the same nonsense as changing owner of bank account.

 

[whiteboardfriend]

Hi Tomwis,

I think you could do this easily if you sold one of your companies. You'll have to invite them in as a member then remove yourself as a company representative and add them instead.
This is what I've found from Stripe:

To transfer ownership of a Stripe account to someone who is not already a team member or user on the account, they must first be invited to be a user on the account and accept the invite.

1. Log in as the current owner, and go to the Team settings under Business Settings.
2. Click New User.
3. Add their email address, set their role to “Administrator,” and save to send them an invitation to join the account.
4. Once they have accepted the invite, go back to the Team settings.
5. Click the Edit button next to their name.
6. From the popup, select the option to Transfer ownership to this user and save.

 

[tomwis]

It is not possible nor legal. It is the same nonsense as changing owner of bank account.

Why? What if I sell a business or a project to another company?

 

[LoveMyLife]

Why? What if I sell a business or a project to another company?

If you sell a company, it is still the same company, just company owner is changed. But company is still the same. So there is not account owner change.

If you sell a project, there is no reason for account owner change. Because account owner is company and not a project. Account is connected to the company. And not to the project.

 

[tomwis]

Hi Tomwis,

I think you could do this easily if you sold one of your companies. You'll have to invite them in as a member then remove yourself as a company representative and add them instead.
This is what I've found from Stripe:

To transfer ownership of a Stripe account to someone who is not already a team member or user on the account, they must first be invited to be a user on the account and accept the invite.

1. Log in as the current owner, and go to the Team settings under Business Settings.
2. Click New User.
3. Add their email address, set their role to “Administrator,” and save to send them an invitation to join the account.
4. Once they have accepted the invite, go back to the Team settings.
5. Click the Edit button next to their name.
6. From the popup, select the option to Transfer ownership to this user and save.

That looks promising, thank you. Can I also change company details this way? (Company name, EIN, bank account)

 

[whiteboardfriend]

That looks promising, thank you. Can I also change company details this way? (Company name, EIN, bank account)

According to Stripe, You have to reach out to them for support if you want to do that.

Here is what I found exactly:

If you are the existing owner of a Stripe account and you want to transfer ownership of your account to someone else, such as in the case of selling your business or having been acquired, you will first need to reach out to Stripe Support to confirm which, if not all, of the following information, will be changing:


Company representative or owner information
(Note: don’t send details for the new owner to Stripe over email; Stripe will enable editing in your Stripe account directly for this information)
The URL from which the business is operating

From there, you can change the following information from your Account settings:

Bank account information for payouts
The descriptor and phone number that will show up on credit card statements
The business information that shows up on receipts sent to your customers
The email address listed as the owner of the Stripe account
The legal business name and tax ID.

I hope this helps answer your questions.
​

 

[MrYellow]

Log into your Stripe account. Go to the Team section under Business Settings. Click Edit next to the user you want to make the new account owner. From the popup, choose the option to Transfer ownership to this user.

Enjoy.