Does it Matter What business name you use

[Lucynda]

I signed up for my EIN this morning. I want to make sure I did this right before I put it into paypal. I created one with the legal business name of the business I have on that particular Stealth account. I put my legit information in as the owner. Is that a problem. Will paypal only see the EIN. I do not plan on passing the threshold with this account.

[newjerseymax]

Originally Posted by Lucynda

I signed up for my EIN this morning. I want to make sure I did this right before I put it into paypal. I created one with the legal business name of the business I have on that particular Stealth account. I put my legit information in as the owner. Is that a problem. Will paypal only see the EIN. I do not plan on passing the threshold with this account.

Even though you don't pass threshold you will still be required to pay taxes. Does it not scare you to break US tax laws? Yes. I know they don't send the 1099 if stay below, but its still required. If you ever have a significant background check for govt job or important position this could influence that decision. Just curious, I am seeing a lot of posts from people trying to avoid IRS.

Too scary for me. I always pay so I could sleep at night.

[Lucynda]

The issue of paying taxes was not my question. You don't even want to get me started on that. I've hit the 200 mark threshold and I want to upgrade to a business account so I can continue to receive payments on that account. The items I sell are low dollar so it doesn't make sense for me to rotate accounts.