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- PayPal Talk (https://www.aspkin.com/forums/paypal-talk/)

- - Can i go over 20k (https://www.aspkin.com/forums/paypal-talk/112286-can-i-go-over-20k.html)

Lucynda

11-15-2017 11:27 PM

Can i go over 20k

I have the tax id number, I plan to start an LLC. I have a feeling it won't take long to get over 20k on this particular account and I would rather just keep using it rather than shut it down. I read a posting a while back where some people with LLC's were having trouble with names not matching. I'm wondering if this was business names or actual owner of the LLC and paypal stealth names.

stealthbiz

11-16-2017 12:12 AM

Re: Can i go over 20k

I've been using my stealth PayPal CA business LLC account for 3 years now. The account has been receiving a ton of transactions of money per month. However, it's probably going to be suspended soon due to the recent court order sent out by CRA. It's definitely possible but it takes time to build the account so PayPal get used to amount of money coming in per month. I'm going to have to create a new stealth account soon and start over since the suspension of my account is probably going to be inevitable due to the court order.

Lucynda

11-16-2017 12:23 PM

Re: Can i go over 20k

What's this court order sent out by the CRA? Is your account Canadian? This is a USA account and I live in the USA.

Lucynda

11-17-2017 01:14 PM

Re: Can i go over 20k

Nobody has an answer for me?

BaggaDonuts

11-17-2017 01:37 PM

Re: Can i go over 20k

It sounds like you put in an EIN that doesn't belong to the LLC (not yet created), or you preemptively purchased the EIN in anticipation of starting the LLC. If the latter is the case, you can file the LLC with the details you used to sign up for your EIN so that when Paypal sends the 1099 to the IRS, it won't get kicked back for not matching their records.

If it gets kicked back, they usually limit you until it is resolved.

MM78	11-17-2017 02:10 PM

Re: Can i go over 20k

Quote:

Originally Posted by stealthbiz (Post 884839)

Your comment has nothing to do with the OP question.

ebaystealth1974

11-17-2017 07:51 PM

Re: Can i go over 20k

Quote:

Originally Posted by BaggaDonuts (Post 885166)

It sounds like you put in an EIN that doesn't belong to the LLC

Sounds like you didn't read the post. :lol:

Lucynda

11-18-2017 01:05 AM

Re: Can i go over 20k

Quote:

Originally Posted by ebaystealth1974 (Post 885229)

Sounds like you didn't read the post. :lol:

Actually, he/she did and that answers my question perfectly. Thank-you.

SaiJin

11-18-2017 01:11 AM

Re: Can i go over 20k

You certainly could if you really want to.
The reason I prefer not to do it is because it's easier for me paper work wise and split the money into several accounts.

Less worry when it comes to PP bugging you for taxes and if 1 accounts goes down, I still have more to work with.

empirestate

11-18-2017 01:51 AM

Re: Can i go over 20k

You could go bazillion dollars as long as uncle Sam has his cut..

ebaystealth1974

11-18-2017 09:18 AM

Re: Can i go over 20k

Quote:

Originally Posted by Lucynda (Post 885277)

Actually, he/she did and that answers my question perfectly. Thank-you.

Hell, I didn't see anywhere in your post where you mentioned actually putting in an EIN. Sorry!

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