I don't think you can upgrade. A LLC is the same as our Limited Companies and is a seperate legal entity in its own right. You could not change your Paypal account from lightmaria to GrannyT for example.
Therefore you need a new Paypal account.
Might be worth keeping Paypal in the loop if its legit
No it is definitely not a Sole Prop, it can only be a corporation or a partnership and if you did not specifically set it up as a partnership then i am pretty sure it goes to a corporation by default but i would definitely check with the person who set it up for you or a simple call to the irs would get you this info
Yeah you should call and double check. There is actually a sole proprietor LLC, corporation and partnership. Each is very different.
PLEASE stop confusing these tax situations. There is no such thing as a sole proprietor LLC. These are 2 totally different things. A sole proprietorship leaves all liability to the owner, an LLC puts all liability to the company
Meaning that if something were to ever happen to your business and you worked as a sole prop. the IRS could seize your personal belongings but an LLC is its own entity. I'm starting to learn now, I've been reading like crazy these last few days and asking a ton of people for help.
Got some things cleared up thanks. Just needa talk my parents cpa see what he says and if he's willing to take care of quarterly taxes and I need to figure out what paperwork I need to keep.
@Hnguy: I've never heard of a sole proprietor LLC maybe a single member LLC is what you mean. Yeah but dont confuse me anymore than I already am lol