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  #23  
Old 03-20-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Quote:
Originally Posted by xb5869 View Post
ok, I thought I remembered reading somewhere that you can only have 1 EIN and you have to use DBA's if you want to own different business. So you can actually have multiple EIN #'s? Any certain way they have to be set up to do this?
That is some pretty horribly inaccurate info.

You can own as many companies as you heart desires. IRS only allows one EIN a day to be opened. So the most amount of LLC, Corps, Partnerships, Trusts, etc...you can open in a year is 365. You can BUY an unlimited amount of companies per day and acquire EINs that way as well. No limit at all. Think of Warren Buffet as an example.

So, I know this over answers your question, so to sum it up,. Open a company and get a EIN. No limit to it.

Last edited by yankee; 03-20-2015 at 03:01 PM.
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  #24  
Old 03-20-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

awesome. Its been almost a year since I've done it but I remember it was almost a 2 month process just to form the LLC in my state (PA) (used one of those online sites) and costs a few hundred and then applied for the EIN. Is there a faster/cheaper way to do this?
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  #25  
Old 03-20-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Less than five minutes on the IRS website.
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  #26  
Old 03-20-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Quote:
Originally Posted by yankee View Post
That is some pretty horribly inaccurate info.

You can own as many companies as you heart desires. IRS only allows one EIN a day to be opened. So the most amount of LLC, Corps, Partnerships, Trusts, etc...you can open in a year is 365. You can BUY an unlimited amount of companies per day and acquire EINs that way as well. No limit at all. Think of Warren Buffet as an example.

So, I know this over answers your question, so to sum it up,. Open a company and get a EIN. No limit to it.
Pretty good to know - now to research ITIN...
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  #27  
Old 03-20-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

ITIN requires a pile of paperwork that would be very easy for you to get rsot!
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  #28  
Old 03-21-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

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Originally Posted by yankee View Post
Less than five minutes on the IRS website.
you don't have to file for a LLC first?
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  #29  
Old 03-23-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

I'll get flamed for this for sure, but I've never had a problem rotating PP accounts on an EB account.

Just keep enough $ in the original PP to cover fees that are automatically deducted, and don't try to change the PP account officially associated with your EB and you'll be fine. Or at least, I've been fine doing this for the last several years.

To each their own I guess.
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  #30  
Old 03-23-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Quote:
Originally Posted by Omgoozle View Post
I'll get flamed for this for sure, but I've never had a problem rotating PP accounts on an EB account.

Just keep enough $ in the original PP to cover fees that are automatically deducted, and don't try to change the PP account officially associated with your EB and you'll be fine. Or at least, I've been fine doing this for the last several years.

To each their own I guess.
only flaming would come from suggesting potential linking, this does not seem like the case

it moreso seems you could rotate 5 paypals to one ebay, if your gross sales get close to 100k a year....

interesting
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  #31  
Old 03-23-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

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Originally Posted by prowakeskater View Post
only flaming would come from suggesting potential linking, this does not seem like the case

it moreso seems you could rotate 5 paypals to one ebay, if your gross sales get close to 100k a year....

interesting
I do a lot more than 5 PP's per EB. That 200 item limit destroys my whole world.
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  #32  
Old 03-24-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

I'm kind of a newbie when it comes to this stuff. How do you keep getting bank accounts for all these ebay accounts?

One of my banks refused to do business with me because I opened too many accounts. They deemed me as high risk.
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  #33  
Old 03-24-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Quote:
Originally Posted by romeo216 View Post
I'm kind of a newbie when it comes to this stuff. How do you keep getting bank accounts for all these ebay accounts?

One of my banks refused to do business with me because I opened too many accounts. They deemed me as high risk.
So many more options than banks BUT you can easily have 20 bank accounts in a single day.

I would suggest looking at opening a business. personal banking and businesses dont mix well if you do any volume at all.
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  #34  
Old 03-24-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Quote:
Originally Posted by Omgoozle View Post
I'll get flamed for this for sure, but I've never had a problem rotating PP accounts on an EB account.

Just keep enough $ in the original PP to cover fees that are automatically deducted, and don't try to change the PP account officially associated with your EB and you'll be fine. Or at least, I've been fine doing this for the last several years.

To each their own I guess.
I'm a little confused by this. How do you rotate PP accounts without changing the account associated with your ebay account? Can you break (dumb) this process down for me a little bit?
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  #35  
Old 03-24-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Quote:
Originally Posted by Omgoozle View Post
I do a lot more than 5 PP's per EB. That 200 item limit destroys my whole world.
It's 200 AND 20k though correct? I sold well over 200 items on one last year but stayed under 20k and never got a 1099. My items are only about $20, so creating a new account every 200 would get old quick.
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  #36  
Old 03-25-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

stealth principals would obviously be followed in the creation of all of said paypal addresses accepting payments, but essentially all listings have the option to alter your payment recipient address.

The PP linked to ebay has the heavy responsibility of seller fee payment, which would continue of course, but the fact it doesnt necessarily need to be changed with it, is the point omgoozle was making along with the interesting experience.
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  #37  
Old 03-25-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Quote:
Originally Posted by prowakeskater View Post
stealth principals would obviously be followed in the creation of all of said paypal addresses accepting payments, but essentially all listings have the option to alter your payment recipient address.

The PP linked to ebay has the heavy responsibility of seller fee payment, which would continue of course, but the fact it doesnt necessarily need to be changed with it, is the point omgoozle was making along with the interesting experience.
This 100%. Except that the PP linked to eB also has the responsibility of shouldering the cost of shipping, and if the original PP is locked down for some reason your VCC better be able to handle a potential return, because your PP will not be your default Refund Payment Source which will trigger a phone call, and if your phone is not active your account will be limited.

....not that I have experience with any of this.... /fib.


Quote:
It's 200 AND 20k though correct? I sold well over 200 items on one last year but stayed under 20k and never got a 1099. My items are only about $20, so creating a new account every 200 would get old quick.
Yes it's 200 AND 20k to trigger a 1099k, but if you do not attach a tax ID to your account PP will auto-limit your account at 195-199 sales.
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  #38  
Old 03-27-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Quote:
Originally Posted by romeo216 View Post

One of my banks refused to do business with me because I opened too many accounts. They deemed me as high risk.
Ive mentioned this several times before. It is all about having the right answers to any questions they might have.

I've opened up to 20 accounts in one sitting with one banker by saying I'm using the "folder method" of budgeting and I'm going to have one bank account for my car payment, one for each credit card, one for groceries, etc etc.... so I can better plan my paycheck week to week.

He just nodded, said I was smarter than most of his customers, and opened 20 accounts for me without batting an eye.

As with many situations, it is important to put yourself in the shoes of the person you're dealing with.

The Patriot Act actually puts a lot of the onus of stopping bank fraud on the banker you're dealing with. They're trained to look for certain things and it is up to the banker to determine if you are a high risk client or not. If you're fidgeting, avoiding eye contact, and don't have a specific reason for wanting to open 45 bank accounts each with $5 in them, you're gonna have a bad time.
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  #39  
Old 03-27-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Quote:
Originally Posted by Omgoozle View Post
Yes it's 200 AND 20k to trigger a 1099k, but if you do not attach a tax ID to your account PP will auto-limit your account at 195-199 sales.
Do you use similar info as previous PP account (Name, address, phone#) and new banking info or everything different. I'm about to hit 190 sales by next month on one of my stealth accounts. Do you get the 21 day pending funds hold when you rotate to a new PP?
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  #40  
Old 03-29-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Quote:
Originally Posted by Omgoozle View Post
This 100%. Except that the PP linked to eB also has the responsibility of shouldering the cost of shipping, and if the original PP is locked down for some reason your VCC better be able to handle a potential return, because your PP will not be your default Refund Payment Source which will trigger a phone call, and if your phone is not active your account will be limited.

....not that I have experience with any of this.... /fib.




Yes it's 200 AND 20k to trigger a 1099k, but if you do not attach a tax ID to your account PP will auto-limit your account at 195-199 sales.
so you don't actually un-link one paypal account and then link the next one to your entire account, you change them on the listings themselves? Any specific reason for not just linking to a different paypal altogether so you don't have to worry about keeping the original funded to pay for monthly fees and shipping?
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  #41  
Old 04-02-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Quote:
Originally Posted by coronaflyest View Post
Do you use similar info as previous PP account (Name, address, phone#) and new banking info or everything different. I'm about to hit 190 sales by next month on one of my stealth accounts. Do you get the 21 day pending funds hold when you rotate to a new PP?
No. I don't bother to match or rematch any info.

I don't really take notice of the 21 day hold issue on any of my accounts because cashflow is not that important to my business model.



Quote:
so you don't actually un-link one paypal account and then link the next one to your entire account, you change them on the listings themselves? Any specific reason for not just linking to a different paypal altogether so you don't have to worry about keeping the original funded to pay for monthly fees and shipping?
Mostly because I'm lazy. But that laziness may be the thing that's keeping me under the radar. Taking the time to "officially" re-link another PP account would probably cause some red flags, but any answer I try to give to this question would just be conjecture.
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  #42  
Old 04-02-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Quote:


Mostly because I'm lazy. But that laziness may be the thing that's keeping me under the radar. Taking the time to "officially" re-link another PP account would probably cause some red flags, but any answer I try to give to this question would just be conjecture.
lazy works... lol
I'm just trying to figure out if I can keep one main account going and just rotate paypals instead of entire packages of ebay/paypals..... Having back ups of each obviously....
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  #43  
Old 04-11-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Too many conflict opinions on this subject.
Some say you must create new PP for each EB account individually.
Others say you can use the same EB account and rotate PP accounts.

It's kinda tricky and difficult to decide which approach to take.
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  #44  
Old 04-11-2015
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Default Re: How to beat the Paypal 200 transaction limitation without SSN or EIN

Quote:
Originally Posted by Dan T. View Post
Too many conflict opinions on this subject.
Some say you must create new PP for each EB account individually.
Others say you can use the same EB account and rotate PP accounts.

It's kinda tricky and difficult to decide which approach to take.
At this point then, your only two options are to one, 1.) go the safe route and have ebay/paypal combinations or 2.) experiment yourself.
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