Planning for the inevitable. SSN/EIN Requirement, How am I looking?

[Ferris]

I have a stealth ccount that is doing pretty well sales wise right now. I want to keep this account for the long haul. I've been researching how to properly setup an EIN that will show the least amount of information, but also be cost effective. Can you see my plan and maybe add or remove details to help ensure the information will be applied smoothly?

Im going to use an online agent to register an LLC in Wyoming.
The name of the business will be my UserID
I then register for EIN number on irs website

Is it really that easy? Do I need a legitimate address to receive any paperwork?

[shani1212]

Originally Posted by Ferris

I have a stealth ccount that is doing pretty well sales wise right now. I want to keep this account for the long haul. I've been researching how to properly setup an EIN that will show the least amount of information, but also be cost effective. Can you see my plan and maybe add or remove details to help ensure the information will be applied smoothly?

Im going to use an online agent to register an LLC in Wyoming.
The name of the business will be my UserID
I then register for EIN number on irs website

Is it really that easy? Do I need a legitimate address to receive any paperwork?

You need a legitimate address to receive all your paperwork.1 question for you

Q: With an stealth account , under what name you file your tax return, Business name or under your personal name with SS #? When you File for LLC/EIN it has to be under your real info, it can not be Phake.... Thanks in advanced for your input/advice...

[yankee]

It is that easy.
Your agent can easily forward your mail and offer a solution if this is a concern for you.

[yankee]

Whoever receives the income pays the taxes.
So when you add a bank account and it is in your name, you pay taxes. If it is a business bank account, that business handles taxes. If you withdraw to your great grandmothers bank account, she is responsible for taxes.

Kinda like I am not responsible for your income and you are not responsible for mine.

[trosky]

Good answer yankee, and good to know, so that means opening bank accounts under LLC company and add it to PayPal? And at what point will that be done?

[yankee]

Originally Posted by trosky

Good answer yankee, and good to know, so that means opening bank accounts under LLC company and add it to PayPal? And at what point will that be done?

At any point you want. For me, I don't make make an earned income, so I always withdraw to a company these days. I might sell a few thousand a year in incidentals at taxed exempt and come to my one and only personal checking account.

[trosky]

Thanks! Yeah when it comes to taxes it's always best to deal with as a company, so my tax benefits. The goal is to have that "issue" of getting asked or near the limit for tax purposes on each stealth, that means business is good. Good problems to have