LLC and new stealth PayPal and eBay

[Bigcheeze45]

Ok,so here's where I'm at. I have a few stealth accounts goin and they're going good( thanks to this site). My problem is,I'm hitting the threshold where they want tax I d because of the number of sales. On every one that got the notice I'm not even near $10k yet. What I'm hoping to do is get an LLC and fire up another eBay and PayPal account opening them as a business account right out the gate. I already have a P.O box that I use for some things and it was never used with PayPal or ebay. Where I'm a little stumped is, what name do I use when opening these new accounts? Do I use my LLC name? Ex: if I choose JYV Goods as my LLC do I put JYV for the first name and goods for the last or do I use a variation of my name? For the record I was banned from PayPal a few yrs ago and I'm from U.S.
Also, should I file taxes if I don't hit $20k in sales?
I know I'm gonna get some responses saying to just open more stealths but I'm trying to keep it manageable so I don't really wanna go over 10 accounts if I can avoid it.
Thanks in advance for any help.

[phaz0rz]

Buy an account here (or make a stealth personal account yourself) and later upgrade it to business using your LLC info. Solves the problem of not having a name to use during registration.

There are also a few other reasons why it's best to start with a personal account and later upgrade. New business accounts have to deal with release amounts each month where the first $XXX are released instantly and the rest is held for a full 21 days. You could have your new business PP shut down early on, and you will have burned an LLC/EIN. Etc,etc.. there are a few other reasons.

You need to pay taxes regardless - but especially if you have a business account with one of your EIN's on it.

[Bigcheeze45]

When making my new account to later upgrade or enter LLC info..could it be any name because I'm goin to enter LLC EIN when the time comes or would it be smarter to use a variation of my name given that would be what would be on my tax stuff ? Does it even matter? I just
Dont wanna raise flags with either IRS or PayPal. I don't have an issue paying taxes or whatever. Like you said..don't wanna burn an EIN

[Bigcheeze45]

Actually, do I have to make it a business account at all. I basically want to enter an EIN to avoid the dreaded notice and have to shut er down till New yr rolls around.

[SaiJin]

Personal accounts will be asked to be upgraded to business eventually.
So I make a rule of thumb to just make a business account on the get go and input everything I need to eliminate hassle in the future.

How much does an LLC cost in your state?

[phaz0rz]

The advantages of starting out with personal and upgrading to business are:
- You can purchase a high limit account here on the forum and have super high limits from the get-go on your soon to be business account
- Payment holds on personal accounts go away a day or two after items are delivered. When you hit your release amount on a business account the rest of your payments are held for a full 21 days regardless of whether or not you upload tracking
- You could potentially be hit with an invoice request on eBay and/or Paypal during the first month or two of selling which you can't get around (happened to me before), then you will have wasted an EIN and paid to register an LLC for no reason.

Starting personal and later upgrading to business is what I and a ton of other members have always recommended and done.

To answer your question, the name you use to create an account (or the name on the account you buy, depending on what route you take) doesn't matter. Once you upgrade the only name that matters is your LLC's name.

To answer your other question, yeah I'm pretty sure you have to upgrade to use an EIN. You could get a sole proprietor EIN which would be like a 2nd SSN (tied directly to your name and not a business name). You might be able to keep your account personal that way, but that's not an option for you since you've already used your real name on an account.

[Bigcheeze45]

Not sure how much LLC costs in PA. I wanna say $350-$400 but not sure sure. I think I better go with the personal account 1st then switch to business later. That was the reason for my original post. Which way is best. I don't like the way goin business out the gate sounds because of holding my money for the full 21 days. I just want to be able to list and sell till I get close to the $20k . I now know I gotta file taxes on it regardless of the amount so if I go past the 20 k then so be it I guess . To me it's all worth it in the end as long I don't get snagged . I have too many stealths that are done for the yr only because I hit 170 or whatever in sales. I think the highest $$ amount on any of em is 7k + . Some time in the future I'll buy a high limit account but I know **** about any of that. The way I do it now I build em up. Some move faster then others but they get there. I just don't want so many that I can't keep track. I suck with computer stuff so the way I do it now works for me.
If anybody has exp or knowledge to add I'm all ears.
Oh and you're correct ..a sole proprietor EIN wouldn't work if it ties me to ssn.