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EIN Or Tax ID for accounts?
 

I am wondering how to manage multiple accounts once they all start asking for Tax ID?

Do I just create multiple Tax ID's or corporations for each Account? IM sure there is probably more to it which is why I am asking

Thanks!

Re: EIN Or Tax ID for accounts?
 

Yes, you will need a fresh EIN for each account. If not the accounts would become linked.

When it comes to paying taxes for multiple corporations, you will need to talk to a tax accountant. It would not be a bad idea to talk this over with an accountant before you go get a bunch of EINs.

Re: EIN Or Tax ID for accounts?
 

If you are an individual seling or a sole proprietorship, you are only allowed one EIN#. You're not allowed a 2nd EIN, because when you give the IRS your SS#, it will link that to the first EIN you were assigned.

One way to get multiple EIN's is to set up an LLC, which allows you to set up separate business accounts, so you can get an EIN # for each account you set up

Re: EIN Or Tax ID for accounts?
 

How do I get multiple new fresh EIN's? I've had my LLC setup for 3yrs but recently ran into trouble on eBay.

Can I create new EIN's under this same LLC and get restarted easily? Right now my business and license renewal costs like $500 a year. I don't want to pay $2500 if I want to run 5 accounts.

Re: EIN Or Tax ID for accounts?
 

If that's the cost for your state then that's your only option.

You can't get a new EIN for the same business, so your only option would be applying for a new EIN and setting up a new company.

You just have to consider if it's worth it..

Re: EIN Or Tax ID for accounts?
 

thanks. Well its definitely worth it... BUT I want to run 4-5 accounts and will go over the 20k threshold on all of them - so will need to attach EIN to each one.

So my only option then is to setup an individual company for each one? About $2,000-$2500 in yearly fees there :(

Re: EIN Or Tax ID for accounts?
 

You can always register your company in another state.... Lower costs... Heck this is why most corporations are going out of the country all together....

If Trump has his way as he plans then we wont have this problem anymore.... Hopefully...

Re: EIN Or Tax ID for accounts?
 

It costs 1/5 that in my state..

Re: EIN Or Tax ID for accounts?
 

If you set up an LLC in a different state than you are operating do you need a registered agent? That seems to be what I've found through my research.

Is there any way to bypass this?

Re: EIN Or Tax ID for accounts?
 

please talk to your CPA first. Some state requires owner to register out-of-state LCC and still collect tax because resident still do business in the state even if the LLC is registered in another state. In that case, the owner end up paying more fee for both states

Re: EIN Or Tax ID for accounts?
 

In California is even cost more, you need to prepaid $800 tax +$350 for CPA regirster a LLC. It cost $1150 for each LLC. If you running 5 accounts that means 5LLC for 5750$ for just starting.

Re: EIN Or Tax ID for accounts?
 

Another option is to create a sole proprietorship using your spouse's name or friend's name or relative's name (of course with their permission) and then ask for an EIN# for the company

Re: EIN Or Tax ID for accounts?
 

I see people suggesting apply EIN for partnership. You do not have to set up company for partnership. Anyone knows about it?

Re: EIN Or Tax ID for accounts?
 

Not telling you should do anything to avoid paying taxes, however if you run LLC for each account and keep it under 20k then it wont be reported to IRS by paypal... However, you are technically still responsible to pay any amount.

You need a good CPA... Mine worked 35yrs as an auditor for IRS so he really knows his stuff... But pricey as it cost me $2500 just for his services, buy was worth it in the end as I saved considerable more... This is a choice you have to make.

Re: EIN Or Tax ID for accounts?
 

Hi guys!

I'm outside US and have a stealth account. I heard there are some people that offer services such as applying an EIN for anyone for a fee. Do you know someone or websites that offers such service? Please let me know. Thanks!