Re: EIN/Tax ID Question Quote:
Originally Posted by Nesie I just got the Tax ID request from Paypal
-And my question is .. should I wait until my account gets limited before adding an EIN from my LLC or should I do it right?
-How long do I have before I get limited? depends on how fast I'm selling? I'm not where close to the 200 items and 20k sales; but I guess I got the request based off projected sales.
-What happens if I ignore the tax ID request and keep selling anyways? Obviously my papyal account will get limited; but will I still be able to withdraw money? What happens to my sales on eBay if my buyers can't send me money? Will they not be able to make a purchase in the first place?
Thanks | 1. I would suggest not waiting as I once had an experience where I had to call because they would no longer allow me to upgrade to a business account via the internet. You can still add the EIN and just not make the 20k, thereby you would not receive a 1099k from Paypal.
2. I think the limit takes around a week if I recall. It could be a little closer to two ( Don't consider this fact). And yes once you are limited, you can't sell anything else. I don't recall whether or not you can withdraw.
3. Lol if buyers can't send money, then sales go down to 0. They will receive some kind of error and they won't be able to pay you so they can't purchase it. usually someone messages me and tells me this.
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