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09-14-2014
| Junior Member | | Join Date: Jan 2014
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Activity: 0% Longevity: 59% | | Registered Agent?
I have several stealth accounts and would like to start making some S-Corps with EINs and have a registered agent ready for when the inevitable SSN question comes up. Should I make the ebay/paypal account in the Registered agents name from the start?, or can any registered agent step forward and give their SSN to Paypal on behalf of the company?
Legal Zoom acts as a registered agent; but that does me no good when the SSN question comes up. Any advice would be truly appreciated.
Best Regards
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09-14-2014
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Activity: 0% Longevity: 59% | | Re: Registered Agent?
Anyone please. When the big SSN question comes I need to be prepared.
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09-14-2014
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Activity: 1% Longevity: 100% | | Re: Registered Agent?
Are you providing an EIN initially with the account? That's all I would provide for PayPal.
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09-14-2014
| | Senior Member | | Join Date: Apr 2013
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Activity: 0% Longevity: 64% | | Re: Registered Agent?
Paypal doesn't always ask for a SSN. They certainly can ask, but it's not inevitable. If you're planning to go near the 200/$20,000 mark, you'll be able to upgrade to a business account and provide an EIN number which is an acceptable alternative.
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09-15-2014
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Activity: 0% Longevity: 59% | | Re: Registered Agent?
Thank you gentlemen. But my question is if I have name "David Smith" would they need ID as well as the SSN of the registered agent listed on the S-Corp. Would they go as far as needing the info I registered on ebay with (stealth) ALONG WITH the info of the registered agent I chose for filing the corp?(registered agent would be a real address and person of course)
Also I keep hearing I can make unlimited EIN numbers free. I plan on paying taxes for every dime I make, but for those accounts if I just want to use an EIN with no real business and a stealth name on ebay do I nee d to do any filing with that EIN if I stay below 20K? Just to make the account look stronger for verification?
I truly appreciate the responses. I serched for hours upon hours but my questions aer every specific (especially the first paragraph below) and even the CPAs cannot help because they do not understand stealth or ebay and I cannot explain certain things because I believe it would be unwise.
I lost an account with 111,000+ transactions (still has a working paypal but ebay is a permanent ban for sales not purchases) and am really trying to make many accounts spread inventory out. No counterfeit stuff.
Highest Regards
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09-15-2014
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Activity: 0% Longevity: 59% | | Re: Registered Agent? Quote:
Originally Posted by plumsake2 Paypal doesn't always ask for a SSN. They certainly can ask, but it's not inevitable. If you're planning to go near the 200/$20,000 mark, you'll be able to upgrade to a business account and provide an EIN number which is an acceptable alternative. | I have done with with a legitimate business, but they asked for the SSN non stopped, and I had no registered agent that could give an SSN on my behalf.
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09-15-2014
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Activity: 0% Longevity: 96% | | Re: Registered Agent? Quote:
Originally Posted by JiuJitsuTom Anyone please. When the big SSN question comes I need to be prepared. | The SSN question rarely comes up from paypal if a correctly prepared EIN is supplied.
If you have read the forum, this is tax advice we do not give.
Speak to your tax professional.
Instruct him to create what you want for paypal needs.
Keep in mind the IRS want numbers, not names. |
09-15-2014
| Junior Member | | Join Date: May 2013
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Activity: 0% Longevity: 63% | | Re: Registered Agent? Quote:
Originally Posted by JiuJitsuTom I have several stealth accounts and would like to start making some S-Corps with EINs and have a registered agent ready for when the inevitable SSN question comes up. Should I make the ebay/paypal account in the Registered agents name from the start?, or can any registered agent step forward and give their SSN to Paypal on behalf of the company?
Legal Zoom acts as a registered agent; but that does me no good when the SSN question comes up. Any advice would be truly appreciated.
Best Regards | No, don't do this. A registered agent is someone who is authorized to sign for mail for the corporation. That's all that is. You do not make him the ebay account holder.
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09-15-2014
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Activity: 0% Longevity: 63% | | Re: Registered Agent?
I don't think you understand what the role of a registered agent is. A registered agent fulfills the legal requirement that a business entity has to have a live address where legal documents could be served. That's all that is. The registered agent is NOT a substitute for you in dealings with either the government or eBAy.
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09-15-2014
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Activity: 0% Longevity: 63% | | Re: Registered Agent? Quote:
Originally Posted by JiuJitsuTom Thank you gentlemen. But my question is if I have name "David Smith" would they need ID as well as the SSN of the registered agent listed on the S-Corp. | Why would eBay want your registered agent's info? A registered agent is just someone who is authorized to accept legal documents on your behalf. That's like asking if eBay would want your attorney's SSN. Quote:
Originally Posted by JiuJitsuTom Would they go as far as needing the info I registered on ebay with (stealth) ALONG WITH the info of the registered agent I chose for filing the corp?(registered agent would be a real address and person of course) | You technically COULD use your agent's address as registered address, i suppose, but probably wouldn't fly long term. Quote:
Originally Posted by JiuJitsuTom Also I keep hearing I can make unlimited EIN numbers free. I plan on paying taxes for every dime I make, but for those accounts if I just want to use an EIN with no real business and a stealth name on ebay do I nee d to do any filing with that EIN if I stay below 20K? Just to make the account look stronger for verification? | You can only make one EIN for each business entity. And I suggest like others have suggested that you go ask a tax professional before you go through with this. For example, in certain localities, it cost $1000 each year to keep a EIN alive to do business. You don't want to find out 5 years down the line that you owe $1000 for each EIN each year and you have a $30K tax bill.
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09-15-2014
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Activity: 0% Longevity: 63% | | Re: Registered Agent? Quote:
Originally Posted by JiuJitsuTom I have done with with a legitimate business, but they asked for the SSN non stopped, and I had no registered agent that could give an SSN on my behalf. | 1. If you're registered as a corporation and not a sole proprietor and they're asking for SSN, you're probably doing something wrong.
2. Huh? Why would an agent give an SSN on your behalf?
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09-15-2014
| | Executive [VIP] | | Join Date: Jul 2010
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Activity: 0% Longevity: 79% | | Re: Registered Agent?
EIN + business paypal is usually a good route to go, they can still end up asking for SSN later on but it doesn't always happen and you'll usually be in good shape especially if you have multiple accounts to split sales between
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09-15-2014
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Activity: 100% Longevity: 83% | | Re: Registered Agent?
If you split sales over multiple accounts and keep dollar figures coming in at an even spaced out way, it is possible to never be hit by the SSN/EIN request
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09-16-2014
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Activity: 0% Longevity: 59% | | Re: Registered Agent?
I cannot thank you guys enough. I need to look up the state of IL and see what it costs to keep an EIN running. I will only use EIN numbers if I am approaching the limit for that particular stealth account.
One last thing. If I make an EIN, obviously I associate it with a business name, can I open a PO Box (shown as a street address and suite number) and simply use my personal info to open that box? This is keeping in mind that I have done nothing but make an EIN with no intent yet of starting a business with it. Simply with the intent of having an ebay account address in a business name should I want to be a buyer for example.
The responses and politeness of this board have been great, I will not ask tax related questions anymore, I need to obviously get a better CPA!
Highest Regards
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09-16-2014
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Activity: 0% Longevity: 56% | | Re: Registered Agent?
JiuJitsu Tom!
Haha We share the same name and interests! Who do you train under?
OSSSSSSS!!!
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09-16-2014
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Activity: 0% Longevity: 63% | | Re: Registered Agent? Quote:
Originally Posted by JiuJitsuTom One last thing. If I make an EIN, obviously I associate it with a business name, can I open a PO Box (shown as a street address and suite number) and simply use my personal info to open that box?
Highest Regards | I think you need to present your personal info when open a PO Box.
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09-16-2014
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Activity: 0% Longevity: 59% | | Re: Registered Agent?
Id like to maintain my anonymity but I am a 4 stripe purple with the Gi (Gracie Barra) and 4-0 as a Professional MMA fighter (with 3 subs 1 KO)
Back to business. I talked to a qualified CPA. Basically if you make multiple EINs (in IL at least) you are going to have to either make an actual company at the end of the year; or explain to the IRS that you never made a company at which time they will pull the EIN from you.
I will make a mix of stealths as is and S-Corps. Only question is how do I sign up for ebay. Do I use the Corp as my registered name; and if so how on earth do I list my B-Day. If they really want to dig a DBA, SCorp, LLC you name it and they will get your info. Only solution he knows of is to make an LLC and have that LLC be the owner of the next one. This makes the digging infinitely more difficult.
About the PO boxes, if listed under my name as an address and suite number can ebay see my personal info? Obviously it will be listed as the address of my business but it will be opened under my real info.
Best Regards
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09-16-2014
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Activity: 0% Longevity: 63% | | Re: Registered Agent? Quote:
Originally Posted by JiuJitsuTom Only question is how do I sign up for ebay. Do I use the Corp as my registered name; and if so how on earth do I list my B-Day. | I have several accts with same birthday (but addresses hundreds of miles apart) and I have not had any problems. Quote:
Originally Posted by JiuJitsuTom If they really want to dig a DBA, SCorp, LLC you name it and they will get your info. | Digging takes time and money that no one would wants to spend. The entire point is to have an account that makes money for eBay trouble free so that they don't have any reason to dig at all. Quote:
Originally Posted by JiuJitsuTom About the PO boxes, if listed under my name as an address and suite number can ebay see my personal info? | I don't think post office shares that data with eBay short of a court order.
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09-16-2014
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Activity: 0% Longevity: 59% | | Re: Registered Agent? Quote:
Originally Posted by toml3030 I have several accts with same birthday (but addresses hundreds of miles apart) and I have not had any problems.
Digging takes time and money that no one would wants to spend. The entire point is to have an account that makes money for eBay trouble free so that they don't have any reason to dig at all.
I don't think post office shares that data with eBay short of a court order. | Thank you, thank you, and thank you! You guys rock.
Have you been banned under an account with that birthday would be my big question. Also if I keep using the same CPA wont he show up constantly on all these businesses as the registered agent?
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09-16-2014
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Activity: 100% Longevity: 83% | | Re: Registered Agent? Quote:
Originally Posted by toml3030 I think you need to present your personal info when open a PO Box. | Definitely - if postal office finds out you are doing f*ke ID with them, you could be charged for fraud
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09-16-2014
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Activity: 0% Longevity: 63% | | Re: Registered Agent? Quote:
Originally Posted by JiuJitsuTom if I keep using the same CPA wont he show up constantly on all these businesses as the registered agent? | Again i don't think you understand what "registered agent" implies. Why would eBay care who your registered agent is?
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09-18-2014
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Activity: 0% Longevity: 59% | | Re: Registered Agent? Quote:
Originally Posted by toml3030 Again i don't think you understand what "registered agent" implies. Why would eBay care who your registered agent is? | Because if they are trying to link accounts and see several companies all with a CPA from a firm in the same city it does not look good.
Last thing to figure out is do I start with a stealth name. Or do I start using teh business name aka First Name: Ben's Last Name: Tools
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