Forum

Does Paypal check EIN is valid every year?
 

I have a few Palpal business accounts linked to their own LLC/EIN but LLC yearly renewal is coming up and I'm wondering if I can let the LLC go inactive and Paypal won't notice since it's already in the account.

On those accounts, I DON'T hit the 200/2000 limit so I wouldn't get a 1099 at the end of the year, I just need to keep the accounts without issues when LLC goes inactive.

From my understanding, the IRS EIN will still be active pointing to LLC even if it's not active but I need confirmation of this if anyone knows.

Re: Does Paypal check EIN is valid every year?
 

No one knows anything about this?

Re: Does Paypal check EIN is valid every year?
 

While a corporation might dissolve, its EIN does not. For that matter, you should mail a letter to IRS in order to cancel your EIN.

Now, if you dont go beyond 200/20K, why did you upgrade them to business/add EIN? Not need to.

Re: Does Paypal check EIN is valid every year?
 

I add EIN because PayPal asks for it if it projects account will go beyond any of those 2 limits. Accounts go beyond 200 but not 20K so I don't get 1099.

But I don't want to cancel EIN. I want it to stay the way it is but the question is if PayPal verifies with IRS if EIN is current and linked to working LLC.

Has anyone not renewed their LLC but kept EIN in PayPal and has had any issues after that?

Re: Does Paypal check EIN is valid every year?
 

PP only verifies if your EIN is 'valid'.

They don't care if a working LLC is linked to it or not.

You can stop worrying.