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Re: Re-use EIN?
 

Don't forget, you do not necessarily file paperwork in your own state.

:ranger:

Re: Re-use EIN?
 

And don't have to open the LLC in your state either, find a better state money wise

Re: Re-use EIN?
 

I have called IRS and changed name on EIN and recycled... Could hurt in long run though....

Re: Re-use EIN?
 

It is the same number....Interesting technique. Not sure about paypal or amazon under a manual review.

Re: Re-use EIN?
 

Yes according to the law they it would mean LLC or some other form of corporation. I have heard some people on here claim they just kept applying for and getting EINs as a sole proprietorship.

If you are willing to take that risk more power to you. The IRS website clearly told me 1 EIN for and individual. You can get as many EINs per corporations you set up from what I understand.

I don't think you are missing anything. Other than some members short sightedness and lack of brain power to truly think things through.

The largest issue with this board many members really only think about the next month or few days rather than the long term.

Re: Re-use EIN?
 

The IRS will ruin you and they don't giving a flying ****. Tread the water cautiously

Re: Re-use EIN?
 

I guess it works differently at different times. I misspelled the business name on payapl once and still no issues. However I do pay the taxes....

When I called IRS and explained exactly what I was doing. A closed paypal acct and opened a new business, they changed the name at IRS to new business and it was accepted no problems (yet).... Of course only time will tell..... I was told by IRS agent that they only go by the number and they will combine the income no matter how many different places used....

Re: Re-use EIN?
 

True and you other Comment about Cali being the worst. Very true.

Re: Re-use EIN?
 

Could you elaborate please? Sole Proprietors use your own name, which is directly linked to the EIN number. I believe Amazon's system checks the SS/EIN with the name (individual, sole proprietor, or corporation) and if the name/number don't match it refuses it. From this follows that the only way you can re-use an EIN is if you entered the same Sole Proprietor name/Corporate Name. Is that the case? Did you use both same name AND same EIN and didn't get linked? Or did you somehow do a dba and used a different name?

Re: Re-use EIN?
 

I hate to give tax advice, and I would suggest you consult with a local CPA depending on what state you are, however, my experience running many corporations and LLCs before is that it doesn't really cost much to start or file the corporate paperwork yearly.

LLC in FL, if filed as a partnership, (need another person, could be a relative)is taxed and treated for all intensive purposes as a partnership. No quarterly reports, nothing to file. Every year you have to file your articles of incorporation, which are done online, and cost only $138.75 (www.sunbiz.org - Home). You can setup LLC in FL even if you are not here, there are couple companies that can give you local address.

I think it's a reasonable price for being able to have an account on Amazon.

Regarding Sole Proprietors, IRS will simply not let you have a second EIN in your lifetime. I doubt there is a way around it, since I've tried to get a second one online, and via phone, and an old one setup 10 years ago showed up and they told me I need to use that one. The online system caught it and refused my application, same as the phone support. You are limited to one for life.

Hope this helps..

Re: Re-use EIN?
 

Oh EIN..i was think UPC

Re: Re-use EIN?
 

So the main difference between LLC and partnership in FL is not having to file reports for partnership? But both have to file annual article of incorporation right?

Re: Re-use EIN?
 

Yes, that's correct. For tax purposes, LLC can be treated as only one of the two: Sole Proprietor OR Partnership. In order to be a Partnership LLC it needs to be more than one individual, and tax rules are better. That's my limited understanding so far.

Here is a quick article explaining it:

"Have you started a small business and need to know when to file your tax returns? Perhaps you've heard about filing quarterly returns and are wondering if that requirement applies to you? Read on to get answers to these important questions.

Annual Income Tax Returns. All small businesses must file a return annually. Generally speaking, if your business has a calendar year-end, you must file one of the following business income tax forms by the due date listed below:

Sole Proprietorship - Schedule C, as part of your personal return, is due April 15. Partnership - Form 1065 is due April 15. C Corporation - Form 1120 is due March 15. S Corporation - Form 1120S is due March 15.

Limited Liability Companies (LLC) get their own special explanation, for they are a unique business entity. An LLC can be taxed like any of the above-mentioned entities. However your LLC is treated for tax purposes determines the appropriate tax form and the accompanying due date.

Quarterly Tax Returns. Here there are two possibilities. First, if you are a self-employed sole proprietor who files Schedule C as part of your personal return, you may be required to make quarterly estimated income tax payments via Form 1040-ES. This is probably what you have heard about when people talk about "filing quarterly taxes".

These quarterly payments are due April 15 (first quarter), June 15 (second quarter), September 15 (third quarter) and January 15 (fourth quarter). The purpose of these payments is to comply with our federal "pay as you go" tax system. The payments are for both federal income taxes as well as self-employment taxes. Failure to make these payments can result in a penalty for underpayment of estimated tax payments, even if you pay your balance due with your return on April 15. So be sure to determine whether you must make quarterly estimated tax payments.

A second type of quarterly return you may have to file are for payroll taxes. If you have employees, you must issue paychecks and withhold taxes from those paychecks. Those payroll tax withholdings must be paid within a certain timeframe, depending on the amount. And there are also federal payroll tax returns that must be filed. The most common one is Form 941, which must be filed within one month after the end of each calendar quarter (April 30, July 31, October 31, and January 31).

If you have no employees, you don't have to deal with payroll and the small mountain of paperwork that accompanies it. Many sole proprietorships and partnerships fall into that category. But if you are a corporation (or an LLC taxed as a corporation), and you are performing services for your business, you must pay yourself reasonable compensation as an employee of your business, and therefore will be required to issue yourself paychecks and file the resulting quarterly payroll tax forms."

Do You File Business Tax Returns Quarterly or Annually? — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

So basically if you open an LLC, you have a choice as to what tax entity it's treated as. It doesn't make sense to use it as a corporation, because then you have to abide by the quarterly rules that corporations have to file. I believe Sole Proprietors have similar quarterly rules, but if you use partnership structure, you don't have to file anything but your yearly taxes and yearly articles of incorporation for the LLC.

Re: Re-use EIN?
 

Each state is different. But yes that appears to be how it works there.

One thing to think about though as an online seller. If you incorporate in FL then you will have to collect sales tax in that state as well as your home state that you operate out of. FL is a pretty big state. As other have mentioned I believe WY and NV are other ones. Just something I would keep in mind for anyone who thinks about get a LLC from a different state.

Re: Re-use EIN?
 

Not always the case, but if you OWN inventory in your state of residence, then yes, almost always.