I know a lot of you guys have a lot of eBay accounts with EINs attached..I'm just curious to know how many LLCs do you guys have and if it is alarming to the IRS if you have 10 LLCs or even 100. And exactly how much paperwork is that during tax season.
Thanks
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.I'm just curious to know how many LLCs do you guys have and if it is alarming to the IRS if you have 10 LLCs or even 100.
4. It's not practical to have 100 LLCs' because it would cost you roughly $1050 to maintain each LLC each year if you had Wyoming LLCs and California shipping address.
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You are only suppose to have one EIN as an Individual. But I really don't think being $20 Trillion in the hole the US Guberment won't take your money.
I personally just have one EIN then manage my 9 stealth accounts wisely. But if it ever came down to it for eBay/Amazon and other online selling I would just register another one as an individual.
They want the money. Jobs even if it just for yourself don't create themselves.
The tax guy says one per business entity. You CAN run multiple businesses on one EIN, but if you tabulate the expenses and revenue separately as a separate entity, you can use a different EIN as well.
Offsite link: ( excerpted portions below the link )
there are instances when a business owner may need multiple EINs, which is why some of our clients have asked us, “Can I have more than one EIN?” Below we will answer this question in more detail.
Every separate, legal entity should have it’s own EIN. A legal entity is defined by its ability to engage in contracts, agreements, incur and pay debts, and to be held liable for its independent actions. Associations, non-profits, corporations, and partnerships are different types of legal entities.
The tax guy says one per business entity. You CAN run multiple businesses on one EIN, but if you tabulate the expenses and revenue separately as a separate entity, you can use a different EIN as well.
Offsite link: ( excerpted portions below the link )
there are instances when a business owner may need multiple EINs, which is why some of our clients have asked us, “Can I have more than one EIN?” Below we will answer this question in more detail.
Every separate, legal entity should have it’s own EIN. A legal entity is defined by its ability to engage in contracts, agreements, incur and pay debts, and to be held liable for its independent actions. Associations, non-profits, corporations, and partnerships are different types of legal entities.
Exactly. You must create a new entity. LLC is just one any many options but for the purpose of the OP, is the same. For example, I use Corps or Trusts and not LLC usually but the same general idea applies.
'Entity' can include a sole proprietorship, ( on our scale ), or even a subdivision within an existing operation. For example, Pepsico owns dozen of companies including Quaker Oats and part of Starbucks, Lipton, and Tropicana.
Exactly. You must create a new entity. LLC is just one any many options but for the purpose of the OP, is the same. For example, I use Corps or Trusts and not LLC usually but the same general idea applies.
O**** you gotta PM me how the trust thing works... since they're practically free to set up.
How many LLCs do you guys have? 
