Update your Sole Proprietor business data : Stripe: Help & Support (2024)

FAQs

How do I change my business info on Stripe? ›

Login to your Stripe Dashboard. Click the “Settings” gear icon from the top right corner menu. Find and click “Account Details” under Business Settings.

You can use Stripe to sell a product if you have not established a separate business entity to do so. Stripe supports the following alternative business types that you can choose from when signing up: Sole proprietorship: If you do not have a separate entity and operate by yourself.

To update their personal information, Express users should first head to the Account tab: Under Stripe Express Account, they can update the email address and phone number used to log in to Stripe Express. Please note that only one contact method can be updated at a time.

If you have recently changed your business' tax information, such as having moved from an LLC to a Corporation entity type, users with Administrator permissions can update the tax ID number and tax details in the Tax Details section of your Dashboard under Business Settings.

Stripe requires a verifiable Employer Identification Number (EIN) or Social Security Number (SSN) to use their services; individuals without an EIN are generally able to use their SSN instead. You must enter a verifiable tax ID number (Employer Identification Number or Social Security Number) in order to use Stripe.

There is no legal requirement for a sole proprietor to have a separate account for business. That being said, we highly recommend not using your personal account for your business. Opening a business bank account is a very small investment that will save you time and money in the long run. You won't regret it.

Stripe sends 1099-K forms when your activities on the platform exceed certain IRS thresholds. For tax year 2023 and those before, you'd get a 1099-K if you earned more than $20,000 and completed at least 200 transactions on a payment platform. However, those thresholds are now changing.

By law, Stripe must ask for your SSN to make sure you are who you say you are, and that you're authorized to act on behalf of an entity (your PTA, organization, or business). Your SSN is for identity verification ONLY; Stripe is federally required to officially know someone connected to the account.

How do I change my business category in Stripe? ›

Log into the Stripe Dashboard. Once in the Stripe Dashboard, navigate to Settings (gearbox in the top right of the Dashboard), and click on Settings. Scroll down to the “Business Settings” section and select “Tax details” Change your business type to reflect your business.

You can find your platform financial account routing number, account number, and balance in the Treasury balance section under the Balances tab of your Stripe Dashboard.

Stripe requires you to have a separate account for each legal entity. Businesses might need to create different legal entities to accommodate international operations, set up financial isolation for different business units, or handle acquisitions.

On the Tax reporting page, click the tax form to update. Click Edit. To update the user details on the 1099 form, such as Name, TIN, or Address, expand Payee details and then update the value for each field as appropriate.