I just got notified for providing SSN - What's the procedure for LLC docs?
Perfect Stealth Account. So I've been watching my limits carefully and I've sold 133 items for the year. However the account tipped at 191 sales since its inception - and I immediately got hit with the Provide your SSN via PP. This has happened to me before to where I lost an entire account over this crap. I still have access to this account and everything still works. I'd like to convert it to a business account with LLC etc. What would be the proper procedure to follow so that this account doesn't get toasted along the way? Also can I Inc in another state other than the state the stealth account is set up in or is that bad news? Like a DE or WY? How long should I wait from creating the LLC / EIN/TIN until I submit? Thanks to any and all replies. Here's hoping this account doesn't toast!
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Re: I just got notified for providing SSN - What's the procedure for LLC docs?
You can create and notify an EIN number immediately but is best to wait for a month for the IRS have you in their system fully and confirm number. Usually with a stealth account I create the EIN number almost immediately and convert the account to business 30 days in.
Re: I just got notified for providing SSN - What's the procedure for LLC docs?
Adding to this thread with a question. I just got hit with a 1099/SSN request because of $$ threshold getting hit from ebay sales this past Jan that was high, can i just try to convert this to a business account with my already 1 year aged LLC EIN or do I need to just create a new PP.
Re: I just got notified for providing SSN - What's the procedure for LLC docs?
Quote:
Originally Posted by SaiJin
No, don't use a new PP, try converting it to a business acc and give them the EIN
Definitely convert to a business account as opening a new PP account will get noticed by eBay and reported to PayPal which will ensure both accounts getting closed.
Also good practice as shortly you will be asked to join managed payments and having eBay as a business account is better to get through MP verification