Re: Process of upgrading a paypal account to a business account with LLC and EIN
thanks for the info everyone. Def some good stuff here. Quote:
Originally Posted by phaz0rz No. Like bman said you can get 1 EIN every 24hrs from the IRS. I think that limit is intended for businesses that do EIN applications for people.. but still you can have as many as you want. 500 LLC's isn't outside the realm of possibility. | When I upgraded the account to an LLC paypal asked for the business owners name and their last 4 digits of the SSN. They also requested confirmation of the LLC's EIN number and physical address in the form of a document.
I have two questions...
First... Does paypal limit people from having multiple business accounts? For example, if I create 500 LLCs where I'm the sole member and organizer, then I'll presumably have to put my Name and last 4 digits of ssn into paypal. Will paypal be ok with this? Does this compromise stealth if the ebay account is in a different persons name (the paypal would be a business account with a business name but would have a different name (my name) attached to it from the ebay account).
Or if we upgrade a paypal account in the ebay account holder's name how will we get around them asking for last 4 digits of ssn?
Second... When paypal asks for the documents showing the EIN and physical address how can we provide this is the paypal account is in a different name than any of the LLC info. For example, my IRS EIN confirmation has the EIN, physical address but it also has my name. Is this an issue? Is it illegal to photoshop my name out for the paypal stealth name instead? What solutions are possible here.
Thanks again for all the info. very valuable
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