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  #1  
Old 10-21-2014
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Default Direct Checkout with partnership fein/ein

Has anyone tried creating a legit partnership and using the fein

number for direct checkout? I read in another thread to not use

a fein number if you're a sole proprietor because they verify

information behind fein. Can someone clarify what E ts y would

find when they verify the fein? I was thinking of just using the

other partner ssn for direct checkout but I dont want all that

income to be reported under their ssn only. I read there is a tax

work around (legal) when partnership income gets reported

under a Personal ssn but im pretty sure irs will eventually tell us

to inform the 1099k issuer to correctly report under fein. Sorry

if my question seems complicated. I am trying to create a very

Legit shop and scenario that wont negatively affect me or my

partner. Thanks in advance.
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  #2  
Old 10-21-2014
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Default Re: Direct Checkout with partnership fein/ein

A correctly structured LLC would make a lot more sense MOST LIKELY. Only you, your partner, attorney and account will know the answer to your questions.
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Old 10-21-2014
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Default Re: Direct Checkout with partnership fein/ein

It's not just a matter of filing the correct paperwork and stepping through the proper loopholes, like adding a EIN to a PP account. When you sign up for direct checkout, you are doing it under personally, under your name, just as with a bank account. Direct Checkout is a merchant account just like authorize.net; etsy is just being the merchant service reseller, so to speak. Etsy doesn't do it any other way. However you do it, they will be verifying the SSN and doing a database check to confirm the information, as required by the government for a merchant account.
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Old 10-21-2014
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Default Re: Direct Checkout with partnership fein/ein

Financial professional is the safer move for info
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Old 10-21-2014
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Default Re: Direct Checkout with partnership fein/ein

Won't matter rsot. I know that is standard advice here, but in this case, etsy wants that personal info and there is no way around it. Even DBA won't work.
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Old 10-24-2014
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Default Re: Direct Checkout with partnership fein/ein

Nope. Won't work.
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