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Accounts receivable on behalf of a company abroad and remitting to the company

I was asked to represent a company from abroad to collect balances owing to my own account and then remitting it to the company minus the commission. The company wants someone in N.America to handle their N.American clients. Personally, I don't want to use my own personal account to receive the remittance as it's large sums (construction equipment), is there a way to set up an account to receive remittance and then wiring it to the company without using my personal account? ie. is there a business account set up I should consider? Also, is there a way to find out if all this is legal? I want to make sure I don't cross the line. I googled the company and it appears they are who they said they are. Any honest feedback is greatly appreciated!

Answers

EMERSON GALFO
Title: CFO
Company: C-Suite Services
LinkedIn Profile
(CFO, C-Suite Services) |

1. Do your due diligence about the company.
2. Request or draft a collections agreement or representation agreement.
3. Request documentation (support) on the accounts for collection.
4. You need to set up the entity first before you can set up the bank account.
5. If this is a one time thing, I do not see anything wrong with a deposit to your personal account provided you have #2. The real issue is really convincing the debtor to issue or wire a check in your name/account. Hence #2.
6. If you want to pursue to be their N.A. representative, then a separate legal entity is recommended.

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