How many LLC's do you have

[toastmaster]

Wondering how many LLC's people have for their accounts on eBay?

Is it bizarre to open like 5 of them for 5 business accounts.

I heard on the forum a business account is usually considered a separate entity compared to an individual account. So where are yall getting all your EIN's is it from having many LLC's?

[PepsiCoin]

you only need like 2.

One LLC to sell condoms and anal lube and the other LLC to sell refurbished 14 inch Dell laptop computers

[ghostdude]

Originally Posted by toastmaster

Wondering how many LLC's people have for their accounts on eBay?

Is it bizarre to open like 5 of them for 5 business accounts.

I heard on the forum a business account is usually considered a separate entity compared to an individual account. So where are yall getting all your EIN's is it from having many LLC's?

In the US the EIN’s are free, forming your LLC is pricey depending on the state.

For account creation, the LLC/EIN is not the issue. To collect payment from the MP system you will need to enter SS #

[phaz0rz]

irs.gov hands out EINs for free all day every day. You're limited to one application per day so your theoretical limit is one new LLC every day for the rest of your life. It's not strange at all to control multiple LLC's.

[toastmaster]

Originally Posted by phaz0rz

irs.gov hands out EINs for free all day every day. You're limited to one application per day so your theoretical limit is one new LLC every day for the rest of your life. It's not strange at all to control multiple LLC's.

So this is where I'm confused. I read on this forum that by having a different business entity on ebay your account might very well be treated as a seperate entitty so as to protect one from getting shut down in case the other gets shut down. Regardless of SSN being the same.

Now the EIN part, ok so they're free for every day. But can't you get only 1 ein PER one LLC and not anymore? That means in order to have 10 business accounts on ebay you need 10 LLC's so they each get their own EIN ?

Or are you saying the IRs gov hands out eins all free every day therefore I can get 10 easily for one LLC? I'm confused?

[phaz0rz]

You can get as many EIN's as you want from the IRS (federal gov). Then you go to your state gov, setup an LLC, and use an EIN as the tax ID.

EINs are free but LLC's are not. I paid $330 to setup 3 LLC's because the registration fee in my state is $110. You're getting the EIN to be used as the tax ID for your LLC so it's necessary for you to form an LLC (or other structure type) for each EIN you get.

[toastmaster]

Originally Posted by phaz0rz

You can get as many EIN's as you want from the IRS (federal gov). Then you go to your state gov, setup an LLC, and use an EIN as the tax ID.

EINs are free but LLC's are not. I paid $330 to setup 3 LLC's because the registration fee in my state is $110. You're getting the EIN to be used as the tax ID for your LLC so it's necessary for you to form an LLC (or other structure type) for each EIN you get.

So basically I was right if you want 10 business ebay accounts you get 10 free EIN's and 10 LLC's setup with those free EIN's right?

I'm being told the way Ebay works now is for each seperate LLC it will be treated like a seperate entity even though ssn is the same.

So every EIN NEEDS A LLC attached?

[yankee]

Originally Posted by toastmaster

So basically I was right if you want 10 business ebay accounts you get 10 free EIN's and 10 LLC's setup with those free EIN's right?

I'm being told the way Ebay works now is for each seperate LLC it will be treated like a seperate entity even though ssn is the same.

So every EIN NEEDS A LLC attached?

It has always been this way. Nothing has changed since Paypal... or the past 10 years.

an EIN doesnt need an LLC, CORP etc.... but how would you file the taxes if you didnt create them? Also down the road, it is possible with an inaccitive EIN that they request Artciles of incorporation etc. So unless you are loosing accounts left and right, setting it up with a Corp of some kind is the better approach. I suggest S-corps but you need to consult your accountant for tax advice.