 Business for ebay/taxes
Hello, I am a ebay seller by obvious reasons.... lol. I have been on ebay about 3 years now. I have had over 3 successful accounts... well kinda. I started ebay when I was a bit younger..(20 to be exact) and I was ignorant and dumb to selling on ebay. I sold everything. ⊗⊗⊗⊗ shoes, make up from china, jailbroken firesticks.... you name it. I did pretty good. I did about 50k revenue in my first account in about 5 months. Well the obvious happened and I was hit with the ban hammer.... I took a break and said screw ebay. Well I love to resell so I went ahead and tried opening a new account and learned that, that wasn't possible to do in my name... so I used my buddies name. Long story short... something linked it back to me... and I go banned. So I then went ahead and used my own fathers name to open a new one. It went really well. I built it organically and was accomplishing about $14,000 a month in sales..... I had the account and the PP account in his name ! I past the 90 days so the account had the clear to the moon..
.**** I then changed the name to MY NAME!! and I changed the PP to a PAYPAL in MY NAME using the same PP email (called ebay and got my dad to agree to give me the PP email) I then proceeded to open a business account with the bank and applied the EIN to the PP account.******
Everything was taking off. I was selling at high volumes for about 6 months. I got myself a warehouse and had 90 item weekend consistently. I was approached by one of my neighbors in the warehouse complex and was asked if I knew about dropshipping... Of course I did I was already applying it to the account mixed in with tangible items. (This is where I F*CKED up)
We sat down and came up with a business plan and I was in charge of the ebay and PP. He was supplying the funds. I made the dumbest mistake of my ebay career. I got to cocky/comfortable and thought I had ebay by the balls.
I stupidly made the ebay account in MY NAME ( i know how stupid can I be) and I made the PP account in my name also. I had no flags for the first month. Listed about 600 items and did about $3500 in sales the first month. I then got my first flag saying I needed to prove where I was getting the items. okay... easy I was getting them from Amazon... So I provided that. They then asked for my ID. I can't believe Im saying this.... but yes. My dumbass submitted my ID . Guess what happened.... MY actual business account got FLAGGED because remember... I already changed all the info to my info (FOR TAXES ??? DUH?) maybe I don't know how to pay taxed on a stealth account. Long story short... they banned everything. My heart broke. I was stuck with a warehouse with 30k$ products to sell.... what am I gonna do.... what I always do.. play the system as I have learned alot about ebay obviously with the success of that current business account in my name after banned. I learned its all about getting pass verification and the probation period...
So here I am... This happned nov 1st. My buddy had an ebay account he used for about 5 years so it was already past probation. Just needed some verfications (phone calls with the verification questions) since I started to sell on it. We are here now. with 20,000$ in sales. 300 sold items and they are expanding my limits automatically because of how well I am selling. This shows me I am currently and hopefully forever not on there radar........
My question to you is this:
I offered my friend 5% of my company for the use of his ebay. I plan on opening a new LLC partnership just for the ebay for the use of the EIN.
I know when you open a paypal business account with your EIN, ebay can not see the persons name. How should I go about it ? Should we start the LLC in his name and add me later ? How does this work for taxes ? What advice do you have for me! Anything will help and I want to thank you for the help in the advance! Thanks again and happy new year!
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