Can i go over 20k

[Lucynda]

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]

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]

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]

Nobody has an answer for me?

[BaggaDonuts]

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]

Originally Posted by stealthbiz

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.

Your comment has nothing to do with the OP question.

[ebaystealth1974]

Originally Posted by BaggaDonuts

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

Sounds like you didn't read the post.

[Lucynda]

Originally Posted by ebaystealth1974

Sounds like you didn't read the post.

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

[SaiJin]

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]

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

[ebaystealth1974]

Originally Posted by Lucynda

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!