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Purchased an amazon stealth account....but worried about taxes without updating LLC
 

Hi everyone,

I've searched this topic and there seems to be conflicting (or just outdated) information.... I purchased an Amazon US stealth account because I already have another account under my name. I was advised to only update the bank account and credit card numbers, but not include my name/address and not to update the entity or address information to avoid linking the accounts.

The potential problem I see is at year end, won't Amazon send a 1099 to the IRS with the original entity information? (I will be selling well above the $20,000 limit for 1099s) Will there be problems paying income tax when my name is not on that entity (I am a US citizen)? And will this cause problems with Amazon in terms of a verification or suspension?

Thanks.

Re: Purchased an amazon stealth account....but worried about taxes without updating L
 

Form a NEW multi-member LLC and get an ein for it and then when ready, update Amazon account with that business info. File your taxes under your new LLC.

Re: Purchased an amazon stealth account....but worried about taxes without updating L
 

This is how you do it - add your own LLC to the shop

Re: Purchased an amazon stealth account....but worried about taxes without updating L
 

Thank you!

So I can't do a single member LLC, I would need a multi-member LLC and would have to find someone willing to be a member and use their ID but not mine? Is that the only way to do it? Could that other person be my wife?

Or if not my wife because we share an address, perhaps a parent who lives at a different address?

And does Amazon only require the ID of one member of a multi member LLC?
I thought I had heard they require ID from all members? Thank you again!

Re: Purchased an amazon stealth account....but worried about taxes without updating L
 

The other member of your LLC can be another LLC. So I've created a Holding LLC in New Mexico (best state for privacy). I am also creating a multi-member LLC (also in NM) with 2 members, myself and the holding company. Totally legit and as far as Amazon is concerned it's a Partnership LLC.

Re: Purchased an amazon stealth account....but worried about taxes without updating L
 

Thanks for the advice bubbsvfr!

I'm still unclear on how this helps with Amazon's (apparently new-ish) requirement for the drivers license or passport of one of (or maybe all of?) the owners of an LLC?

Does having a multi-member LLC somehow get rid of the requirement for an ID? Or am I misunderstanding something?

Thank you again

Re: Purchased an amazon stealth account....but worried about taxes without updating L
 

Bump because I’m curious as well. This is a major game changer if true ^