# How to switch from individual to company account in Stripe

- Tool: Stripe
- Difficulty: Beginner
- Time required: 15 minutes
- Compatibility: All Stripe accounts, availability may vary by country
- Last updated: March 2026

## TL;DR

Switch from an individual to a company account in Stripe by going to Settings → Account details and updating the business type from 'Individual' to 'Company'. You will need to provide your company's legal name, tax ID (EIN), registered address, and information about beneficial owners. This change triggers a re-verification process.

## Switching from Individual to Company Account in Stripe

When your business grows from a sole proprietorship to a registered company (LLC, corporation, etc.), you need to update your Stripe account type. This switch requires providing company details, tax ID, and information about beneficial owners who hold 25% or more of the company. The change triggers a re-verification process that typically completes within a few business days.

## Before you start

- Administrator access to your Stripe account
- Your company's legal name and registration details
- Your company's tax ID or EIN
- Identity information for all beneficial owners (25%+ ownership)

## Step-by-step guide

### 1. Open Account details

Log in to the Stripe Dashboard and navigate to Settings → Account details. Look for the 'Business type' field which currently shows 'Individual' or 'Sole proprietor'.

**Expected result:** You see the Account details page with your current business type displayed.

### 2. Change the business type

Click on the business type field and select your new company structure. Options include LLC, Corporation, Partnership, and other entity types depending on your country. Select the one that matches your registered business.

**Expected result:** The form expands to show additional fields required for company accounts.

### 3. Enter company details

Fill in your company's legal name (as registered), tax ID or EIN, registered address, and phone number. Make sure the legal name matches your official registration documents exactly.

**Expected result:** Company details are entered and saved.

### 4. Add beneficial owners

Stripe requires information about individuals who own 25% or more of the company (beneficial owners) and the person responsible for the company's Stripe account (representative). Provide each person's name, date of birth, address, and the last four digits of their SSN (or full ID for non-US).

**Expected result:** All beneficial owners and the account representative are added.

### 5. Submit and complete re-verification

Review all entered information and submit the changes. Stripe will process the re-verification. You may be asked to upload company registration documents. During this period, your account continues to function normally in most cases.

**Expected result:** The account type change is submitted. Stripe reviews the information and confirms the change, typically within 1-3 business days.

## Complete code example

File: `check-business-type.js`

```javascript
// check-business-type.js
// View current business type and company details

const Stripe = require('stripe');
const stripe = Stripe(process.env.STRIPE_SECRET_KEY);

async function checkBusinessType() {
  try {
    const account = await stripe.accounts.retrieve();

    console.log('=== Business Type Information ===');
    console.log('');
    console.log('Account ID:', account.id);
    console.log('Business type:', account.business_type || 'Not set');
    console.log('');

    if (account.company) {
      console.log('Company Details:');
      console.log('  Name:', account.company.name || 'Not set');
      console.log('  Tax ID provided:', account.company.tax_id_provided ? 'Yes' : 'No');
      console.log('  Address:', [
        account.company.address?.line1,
        account.company.address?.city,
        account.company.address?.state,
        account.company.address?.postal_code,
        account.company.address?.country
      ].filter(Boolean).join(', ') || 'Not set');
      console.log('  Structure:', account.company.structure || 'Not set');
      console.log('  Owners provided:', account.company.owners_provided ? 'Yes' : 'No');
    } else if (account.individual) {
      console.log('Individual Account:');
      console.log('  Name:', [account.individual.first_name, account.individual.last_name].join(' '));
    }

    console.log('');
    console.log('Charges enabled:', account.charges_enabled);
    console.log('Payouts enabled:', account.payouts_enabled);

    const reqs = account.requirements;
    if (reqs.currently_due.length > 0) {
      console.log('');
      console.log('Requirements to complete:');
      reqs.currently_due.forEach(r => console.log('  -', r));
    }

    return account;
  } catch (err) {
    console.error('Error:', err.message);
  }
}

checkBusinessType();
```

## Common mistakes

- **Not having a tax ID or EIN ready before switching** — undefined Fix: Apply for your EIN or tax ID before changing the account type. Stripe requires a valid tax ID for company verification.
- **Entering a DBA name instead of the legal company name** — undefined Fix: Use the exact legal name from your company registration. You can set the DBA name separately as the statement descriptor.
- **Forgetting to add beneficial owners** — undefined Fix: List all individuals who own 25% or more of the company. If no one owns 25%+, you may still need to add a representative.
- **Expecting the change to be instant** — undefined Fix: The switch triggers re-verification which can take 1-3 business days. Your account usually continues to function during this period.

## Best practices

- Prepare all company documents before starting the switch — legal name, tax ID, address, and owner information
- Make the switch during a low-activity period to minimize any impact if re-verification causes temporary restrictions
- After switching, verify that your statement descriptor still reflects your customer-facing brand name
- Update your billing address and bank account if they differ for the company versus the individual
- Keep copies of all company registration documents accessible for potential follow-up verification requests
- Notify your team members that a re-verification may be in progress

## Frequently asked questions

### Can I switch back from a company to an individual account?

Contact Stripe support to discuss switching back. It may require creating a new account depending on your situation.

### Will switching disrupt my existing payments or subscriptions?

In most cases, no. Your account continues to process payments during re-verification. However, if verification fails or times out, charges or payouts could be temporarily affected.

### Do I need to add all company owners?

You must add all individuals who own 25% or more of the company (beneficial owners). You also need to designate one person as the account representative.

### What if my company does not have an EIN yet?

Wait until your EIN is issued before switching. Stripe requires a valid tax ID to verify company accounts. You can apply for an EIN at irs.gov (US) and receive it immediately online.

### Does switching change my API keys?

No. Your API keys, webhook endpoints, and account ID remain the same after switching business types.

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Source: https://www.rapidevelopers.com/stripe-guide/how-to-switch-from-individual-to-company-account-in-stripe
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