Quote:
Originally Posted by AmazonStealth Flaws:
-Account is not your information
-You need to provide EIN/SSN, but the account in not in your name.
-This means you need your family/friends EIN.
-If they were to give you their EIN, they would be responsible for tax info.
-All income would fall on their tax income.
-You would need to pay their taxes for the income you made.
It is just a huge cluster fu!k, and wont be a long term solution. Just create a new account with your information for long term stability, get an llc or sol pro EIN, new address, and do it right. | -Account information does not have to be his.
-Regardless if the account is under his friends name, he can obtain an EIN number under his corporation and provide that EIN number to paypal.
-Again he only needs to open an S-corporation under his name and obtain an EIN number.
-All income will fall on him since the S-corporation is under his name.
-He only needs to pay his taxes under the S-corporation, friends don't play any role here.
Paypal is not able to obtain any information in regards who owns the corporation. In my opinion he should continue his business on his friends account and in addition create another account for back up.
Last edited by Impact; 11-19-2012 at 06:16 AM.
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