The Paypal EIN Conundrum - eBay Suspended & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home > Platform Discussions > PayPal Talk

PayPal Talk PayPal Forums. General issues related to PayPal.

Reply
 
Thread Tools
  #1  
Old 05-31-2015
Junior Member
 
Join Date: May 2015
Posts: 6
Thanks: 1
Thanked 1 Time in 1 Post
Activity: 0%
Longevity: 51%
iTrader: (0)
Default The Paypal EIN Conundrum

When it comes to the point where paypal asks for your SSN i understand that you can give them an EIN instead. However, if the name on the paypal is different from the business, from what i have read, the tax forms that are sent to you have the stealth paypal name on them.

What are you supposed to do about this?

If anyone has experience or stories it would be much appreciated. I've been reading through old threads for the last 2 days and can't find a straight forward answer
Reply With Quote
The complete step-by-step guide to get back to selling today!

  #2  
Old 05-31-2015
Senior Member
 
Join Date: Jan 2013
Posts: 4,410
Thanks: 242
Thanked 1,595 Times in 1,075 Posts
Activity: 0%
Longevity: 65%
iTrader: (0)
Default Re: The Paypal EIN Conundrum

You need to make the paypal name to match your business name before you attempt to supply an EIN
Reply With Quote
The Following User Says Thank You to Dmshark25 For This Useful Post:
kittylove (05-31-2015)
  #3  
Old 05-31-2015
Junior Member
Threadstarter  
 
Join Date: May 2015
Posts: 6
Thanks: 1
Thanked 1 Time in 1 Post
Activity: 0%
Longevity: 51%
iTrader: (0)
Default Re: The Paypal EIN Conundrum

so once my stealth reaches 200/20,000 i have to ditch it? theres no established work around?

edit: in case there is a misunderstanding, i am talking about the name under the account i.e.: Billy Bob, not the name of the business. the business names will match.

Last edited by jesusletsmecook; 05-31-2015 at 09:09 AM.
Reply With Quote
  #4  
Old 05-31-2015
rsot's Avatar
Executive [VIP]
 
Join Date: Dec 2009
Posts: 75,843
Thanks: 5,925
Thanked 8,908 Times in 8,201 Posts
Activity: 99%
Longevity: 83%
iTrader: (7)
Default Re: The Paypal EIN Conundrum

Quote:
Originally Posted by jesusletsmecook View Post
so once my stealth reaches 200/20,000 i have to ditch it? theres no established work around?

edit: in case there is a misunderstanding, i am talking about the name under the account i.e.: Billy Bob, not the name of the business. the business names will match.
So if the name of the account is Billy Bob - you upgrade it to Billy Bob LLC or so...
Reply With Quote
  #5  
Old 05-31-2015
Senior Member
 
Join Date: Jan 2013
Posts: 4,410
Thanks: 242
Thanked 1,595 Times in 1,075 Posts
Activity: 0%
Longevity: 65%
iTrader: (0)
Default Re: The Paypal EIN Conundrum

If you use an EIN than the business name needs to match , if you use a SS# than the account holder needs to match

Whatever tax ID USED needs to match the name that is correlated with that TAX ID NUMBER
Reply With Quote
  #6  
Old 05-31-2015
MM78's Avatar
Executive [VIP]
 
Join Date: Sep 2010
Posts: 14,302
Thanks: 1,110
Thanked 4,934 Times in 3,399 Posts
Activity: 0%
Longevity: 78%
iTrader: (4)
Default Re: The Paypal EIN Conundrum

Your Name: Billy Bob
Business Name: Billy Bobs LLC
EIN Business Name = PayPal Business Name

Not 100% sure but in order to use an EIN you have to convert your PayPal to a Business Account. Once that is done then you have to provide a Business Name. Once you give your business a name you then open the EIN in that same business name as PayPal.
Reply With Quote
The Following 2 Users Say Thank You to MM78 For This Useful Post:
barkley70 (06-01-2015), rsot (05-31-2015)
  #7  
Old 05-31-2015
Junior Member
Threadstarter  
 
Join Date: May 2015
Posts: 6
Thanks: 1
Thanked 1 Time in 1 Post
Activity: 0%
Longevity: 51%
iTrader: (0)
Default Re: The Paypal EIN Conundrum

ok i get what you guys are saying and i appreciate the help but what I'm asking is if this is ok:

name business is created under: Brad Pitt
ein Business names: Billy Bobs LLC

paypal name:Billy Bob
paypal Business name: Billy Bobs LLC

Is this a problem?
From what i've been reading, when paypal sends you the tax form it will be in the name billy bob, a person that does not exist! I need someones input who has gone through this.
Reply With Quote
  #8  
Old 05-31-2015
kittylove's Avatar
Junior Member
 
Join Date: Aug 2012
Posts: 144
Thanks: 510
Thanked 3 Times in 3 Posts
Activity: 0%
Longevity: 67%
iTrader: (0)
Default Re: The Paypal EIN Conundrum

Quote:
Originally Posted by jesusletsmecook View Post
ok i get what you guys are saying and i appreciate the help but what I'm asking is if this is ok:

name business is created under: Brad Pitt
ein Business names: Billy Bobs LLC

paypal name:Billy Bob
paypal Business name: Billy Bobs LLC

Is this a problem?
From what i've been reading, when paypal sends you the tax form it will be in the name billy bob, a person that does not exist! I need someones input who has gone through this.
good question
wonder who has an answer?
Reply With Quote
  #9  
Old 05-31-2015
MM78's Avatar
Executive [VIP]
 
Join Date: Sep 2010
Posts: 14,302
Thanks: 1,110
Thanked 4,934 Times in 3,399 Posts
Activity: 0%
Longevity: 78%
iTrader: (4)
Default Re: The Paypal EIN Conundrum

You guys are overthinking it.....Why would you make an LLC in one Name but Name your PayPal in ANOTHER! Come on now.
Reply With Quote
  #10  
Old 05-31-2015
rsot's Avatar
Executive [VIP]
 
Join Date: Dec 2009
Posts: 75,843
Thanks: 5,925
Thanked 8,908 Times in 8,201 Posts
Activity: 99%
Longevity: 83%
iTrader: (7)
Default Re: The Paypal EIN Conundrum

Quote:
Originally Posted by MM78 View Post
You guys are overthinking it.....Why would you make an LLC in one Name but Name your PayPal in ANOTHER! Come on now.
Don't forget about what could be sold....

Reply With Quote
  #11  
Old 06-01-2015
Junior Member
Threadstarter  
 
Join Date: May 2015
Posts: 6
Thanks: 1
Thanked 1 Time in 1 Post
Activity: 0%
Longevity: 51%
iTrader: (0)
Default Re: The Paypal EIN Conundrum

Quote:
Originally Posted by MM78 View Post
You guys are overthinking it.....Why would you make an LLC in one Name but Name your PayPal in ANOTHER! Come on now.
because you're not supposed to use your real name with a stealth account and you can't form an llc with a ⊗⊗⊗⊗ name...

Last edited by jesusletsmecook; 06-01-2015 at 04:03 AM.
Reply With Quote
  #12  
Old 06-01-2015
Banned
 
Join Date: May 2012
Posts: 104
Thanks: 106
Thanked 158 Times in 88 Posts
Activity: 0%
Longevity: 68%
iTrader: (17)
Send a message via Skype™ to pr0wake
Default Re: The Paypal EIN Conundrum

This is what I tell my customers:

If/when you approach the 200item/$20,000 IRS limit, or pace to hit it, paypal will send you a request to provide tax information via email and sign-in notifications. Do not confuse this for SSN requests- paypal is upset if they are requesting SSN and this will NOT work in that situation.

Have an LLC EIN ready, aged at LEAST 2 weeks prior to adding in paypal. The IRS estimates 2 weeks before their databases reflect new EIN registrations. Apply for a new EIN at IRS.gov during normal business hours. Look under the "Tools" tab and follow the steps.

Name the LLC anything you prefer, aware it will need to appear exactly the same in paypal. No special or further action is required with the IRS after naming, obtaining, and saving your EIN other than waiting two weeks. You (or your accountant) will be able to file multiple LLC returns without problems.

Finally, upgrade the account to a business, input your exact LLC name into the business name field, submit the EIN, and enjoy

Last edited by pr0wake; 06-01-2015 at 06:17 PM.
Reply With Quote
The Following 3 Users Say Thank You to pr0wake For This Useful Post:
barkley70 (06-01-2015), jesusletsmecook (06-01-2015), ovidiu (06-04-2015)
  #13  
Old 06-01-2015
Junior Member
Threadstarter  
 
Join Date: May 2015
Posts: 6
Thanks: 1
Thanked 1 Time in 1 Post
Activity: 0%
Longevity: 51%
iTrader: (0)
Default Re: The Paypal EIN Conundrum

Quote:
Originally Posted by pr0wake View Post
This is what I tell my customers:

If/when you approach the 200item/$20,000 IRS limit, or pace to hit it, paypal will send you a request to provide tax information via email and sign-in notifications. Do not confuse this for SSN requests- paypal is upset if they are requesting SSN and this will NOT work in that situation.

Have an LLC EIN ready, aged at LEAST 2 weeks priot to adding in paypal. The IRS estimates 2 weeks before it is updated in their database. Register for a new EIN at IRS.gov during normal business hours. Look under the "Tools" tab and follow the steps.

Name the LLC anything you prefer, aware it will need to appear exactly the same in paypal. No special or further action is requried with the IRS after naming, obtaining, and saving your EIN other than waiting two weeks

Finally, upgrade the account to a business, input your exact LLC name into the business name field, submit the EIN, and enjoy
Thanks! So the tax forms being sent in the paypal name isn't true? Thats my main concern

edit: i pm'd you a some questions a couple days ago, if you could pm the answer to those too that would be great.
Reply With Quote
  #14  
Old 06-01-2015
Senior Member
 
Join Date: Oct 2014
Posts: 347
Thanks: 34
Thanked 71 Times in 60 Posts
Activity: 0%
Longevity: 54%
iTrader: (0)
Default Re: The Paypal EIN Conundrum

Tax forms are sent from what I understand under the BUSINESS NAME not the PayPal name. That's why it's a business account only business name matters at that point
Reply With Quote
  #15  
Old 06-01-2015
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0%
Longevity: 60%
iTrader: (2)
Default Re: The Paypal EIN Conundrum

Im not reading all the answers and most likely it is already answered multiples times.

UPGRADE your paypal to business and change everything to your EIN business name. It is one easy and simple step. The old info is irrelevant.

End of story. Nothing else to it.
Reply With Quote
  #16  
Old 06-04-2015
Junior Member
 
Join Date: Jan 2015
Posts: 103
Thanks: 17
Thanked 15 Times in 13 Posts
Activity: 0%
Longevity: 53%
iTrader: (0)
Default Re: The Paypal EIN Conundrum

Noob question alert:

Can you open as many LCC's as you want with the IRS? Is it free?
Reply With Quote
  #17  
Old 06-04-2015
Subscribed [VIP]
 
Join Date: Sep 2013
Posts: 68
Thanks: 0
Thanked 19 Times in 10 Posts
Activity: 0%
Longevity: 61%
iTrader: (2)
Default Re: The Paypal EIN Conundrum

Does Paypal send tax papers through snail mail to the address on file ? if so how are you going to get them if it's a stealth address ? I remember couple years ago paypal sent 1099k to my home (real account) but last year they did not, so I"m not sure if that has stopped and now can only be obtain via their site ?
Reply With Quote
  #18  
Old 06-05-2015
plumsake2's Avatar
Senior Member
 
Join Date: Apr 2013
Posts: 358
Thanks: 120
Thanked 178 Times in 126 Posts
Activity: 0%
Longevity: 64%
iTrader: (14)
Default Re: The Paypal EIN Conundrum

Quote:
Originally Posted by nickh04 View Post
Noob question alert:

Can you open as many LCC's as you want with the IRS? Is it free?
You can obtain as many EINs from the IRS for as many businesses that you have. EINs are free and should not be paid for (LegalZoom charging $80 for one is a joke...).

But creating and running businesses definitely isn't free and it's not something you should do without properly understanding what you're getting yourself into.

Nolo is a good website with lots of free information about starting an LLC: 50-State Guide to Forming an LLC | Nolo.com
Reply With Quote
  #19  
Old 06-05-2015
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0%
Longevity: 60%
iTrader: (2)
Default Re: The Paypal EIN Conundrum

Quote:
Originally Posted by google9 View Post
Does Paypal send tax papers through snail mail to the address on file ? if so how are you going to get them if it's a stealth address ? I remember couple years ago paypal sent 1099k to my home (real account) but last year they did not, so I"m not sure if that has stopped and now can only be obtain via their site ?
You download it on paypal.com but in all reality, it is meaningless. Get ahold of your account to explain why.
Reply With Quote
Reply



Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



Aspkin Group

All times are GMT -5. The time now is 08:39 AM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58