Where I'm at: Paypal, Stealth, LLC and the Tax Requirement....
Okay everyone, I think I'm going to become a guinea pig here but hopefully through it I can come up with some info to help everyone.
I should start by saying that I don't sell any restricted items, I have 2 paypal accounts which are well over the 20k limit. I have a seperatte LLC for each arm of the business and while I've never had a problem with Paypal my real name has been suspended from ebay in the past.
Okay I'll start with account #1:
I had entered the LLC and Tax ID info for this account a couple years ago but it's only now that Paypal is interested in it obviously. I've been asked to verify my info recently and they keep asking because the name on my Paypal account doesn't match the name on my LLC. I've spoken with my CPA and I cannot add this DBA name as an officer of the company, any officer has to have a SS#.
Alright, so at this point I have to give Paypal my real information. I have nothing to hide other than a previously suspended account. What I am hoping is Paypal will play by the rules and recognize that my business has nothing to do with my personal ebay suspension in the past. The DBA was an employee running the account and now the tax forms need to go in the actual owners name.
I haven't consulted an attorney yet but if they give me any trouble I am taking them to court over it. What happened with my personal account has nothing to do my business now. Obviously I don't want to give them my real name but I don't think I have a choice at this point. I'm not going to open 20 accounts and juggle them, I have a legitimate business and nothing to hide, or I would hope at least.
Account #2:
This is a seperate branch of my business, I have a seperate LLC for it so again assuming Paypal plays by the rules I should be able to have a seperate Paypal account for it.
This account is a bit different but still along the same lines. I took on a partner in this business, I gave an employee 30%. I opened the paypal account under their name with their SS#, I haven't entered the LLC and Tax info yet. I could conceivably leave this one alone but I don't want to do that to my employee, the revenue should be under my name.
I plan to call Paypal and make sure the revenue is under my LLC, telling them the account belongs to the business and the tax info should not be entered under my employees SS# and I am allowed to have another account because it is a seperate business.
Okay, like I said I don't have anything to hide, I pay my taxes and I sell legit items. I may have had a suspended ebay account under my personal info but that has nothing to do with my business and I am willing to fight for my rights. Just in case they do give me some trouble I am not going to do this until after Christmas. Also I am going to call them beforehand to feel some things out and specifically ask about the seperate accounts for seperate businesses.
So.....does anyone have anything to add here? I may be a sacrificial lamb but hopefully it's for the greater good. If anyone has anything to point out or suggest please do.
Although please stay on topic, don't hijack the thread! Perhaps we can use this new requirement to our advantage and become 100% legit again
Thanks,
Frank
|