4 ms·
My organization had this same problem. We formed a cooperative corporation, filed for tax exempt status, and then opened bank and PayPal accounts. Within 7 da
by techsupporter 16y ago
My organization had this same problem. We formed a cooperative corporation, filed for tax exempt status, and then opened bank and PayPal accounts. Within 7 days of opening the PayPal account for our org, it was frozen on the grounds that extra documentation was needed. Before I could send those documents, PayPal then turned around and froze my personal account since the organization's account had my name as the "responsible party" contact.
The resolution? There hasn't been one. I tried to get PayPal to accept our tax-exempt documents, but they've refused because we're not a 501(c)3 charity (we are 501(c)12) and both the org and my personal accounts stay frozen.