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  #1  
Old 08-27-2017
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Default EIN Questions

I need to make an EIN for PayPal.

So should I make making a LLC, Sole Prop, or ...?

After I get the number do I need to complete some steps around my state I.E. fully setting up the LLC or other business entity? (If so and you're knowledgable on the topic could you give a quick rundown of what would be needed to be done next?)

Do any of the business entities above allow me to go over the 20K per year limit on PayPal? or should I just being leaving this current PayPal account around 16k-18k?

Thank you for all the help guys!
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Default Re: EIN Questions

I made a sole prop EIN because I am only in business for myself and have nobody else working for me, basically I have no employees, it's just me.

I can't help much as I am a small time seller but I would think one EIN per business name. I'm not sure though.
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Old 08-27-2017
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Default Re: EIN Questions

Quote:
Originally Posted by ddkitty View Post
I made a sole prop EIN because I am only in business for myself and have nobody else working for me, basically I have no employees, it's just me.

I can't help much as I am a small time seller but I would think one EIN per business name. I'm not sure though.
Alright this makes sense.

Did you have to do any following up with your state/ the state you registered in?

Also would you mind linking me to where you created your EIN

I went to this https://www.irs.gov/businesses/small...ber-ein-online, but it's saying that the EIN service is currently down. It's been saying that all weekend for me, maybe they go down during the weekend? not too sure :/.
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Default Re: EIN Questions

You can only apply for the EIN during actual business hours. So like 8am-5pm roughly
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Old 08-28-2017
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Default Re: EIN Questions

FYI, sole prop EIN is fine for one entity. But if you plan to have multiple entities all filed as sole props, just know they will all have to have the same EIN. IRS rules.

That being said, you can have any number of LLCs, INCs, etc, all with different EINs.
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Old 08-28-2017
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Default Re: EIN Questions

Quote:
Originally Posted by kirkland View Post
FYI, sole prop EIN is fine for one entity. But if you plan to have multiple entities all filed as sole props, just know they will all have to have the same EIN. IRS rules.

That being said, you can have any number of LLCs, INCs, etc, all with different EINs.
Hmm I think it might be better to go with an LLC in this case then.

Do you have a link on what'd I need to do after filing for the LLC and getting the EIN?
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Old 08-28-2017
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Default Re: EIN Questions

Quote:
Originally Posted by kirkland View Post
FYI, sole prop EIN is fine for one entity. But if you plan to have multiple entities all filed as sole props, just know they will all have to have the same EIN. IRS rules.

That being said, you can have any number of LLCs, INCs, etc, all with different EINs.
By the way before naming my LLC on IRS site and on Paypal to check a state's current LLC name database do I google "*Insert state name* LLC name database" or is there a site that makes this easier?
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Default Re: EIN Questions

Quote:
Originally Posted by Ouch View Post
Hmm I think it might be better to go with an LLC in this case then.

Do you have a link on what'd I need to do after filing for the LLC and getting the EIN?
Don't get me wrong. You can still have one sole prop with a unique EIN and then start opening your LLCs with their unique EINs... save some money, the filing fee for sole props where I live is only $25 vs the 125-200 for LLCs/INCs

I just meant after this sole prop, be careful which you open
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Default Re: EIN Questions

Re: the other question, each state's DOS website should have a database you can search to see if the name has already been chosen. You don't need to spent too much time on this. "Ouch2017 LLC" would probably be just fine

Google would prob be a poor source to rely on solely as it frequently misses a lot of companies. But you should try there after, too
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