 Re: Ein
You can have as many EIN's as you like.
You can have a personal EIN. Many people have them if hey employ domestic help or something similar. But this type of EIN won't really help you too much.
You want EIN's that are attached to LLC's. You can have as many as you like. Many business owners have several businesses, so it is NOT unusual. For example, a McDonald's franchisee may own ten restaurants, and each might have their own EIN.
The IRS will NOT have a problem with this as long as the proper paperwork is filed for each one of them and any taxes due are paid. You also must CLOSE any EIN's you no longer plan on using. But there is not a limit on them. There IS a limit on how many you can apply for on any given day, but that is normally not an issue.
When I start a stealth account, I normally work it for a few months. If everything looks good and I believe the account will survive, then I upgrade the PayPal account to a business account and get the EIN to attach to it. You should do this if you believe you will have more than $20,000 in sales and 200 items sold on the account within a year. You should upgrade your PayPal account to a business account BEFORE this happens. That way, when PayPal asks you for tax-id information, you can use the EIN.
While having an EIN on file with PayPal will not GUARANTEE they will never ask for a social security number for identification, it lessens the risk.
Two things to avoid, however. NEVER apply for the debit card or credit card! If you do, then by law they MUST ask for your social security number. The other thing is, NO LOANS - specifically, I am referring to PayPal Working Capital. Because if you apply, then they WILL want your SSN, or at least the last 4 digits of your SSN.
Last edited by jeffweico; 05-17-2015 at 09:35 PM.
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