How to Upgrade Correctly to Business Accounts

[dallis]

By supplying an actual EIN, does it bypass the 20k/200 threshold

You won't get limited due to the 200 transaction 20K limit.

After 20K PP will send a 1099K to the EIN holder of record.

If the company name does not match the EIN when the 1099K is submitted to the IRS, the IRS will kick it back to PP and you will end up with lots of questions, limits and eventual suspension if you can't straighten it out, so be sure the info all matches.

[blockhead]

Originally Posted by yankee

use yours.

I wonder about a potential issue if someone has a very unique name, has been previously suspended by PP, and are upgrading a stealth personal account (using that same name) to a business account. It seems like PP could easily match the unique name and DOB to the previously suspended account. I wonder if there is any harm in using a made-up DOB, since we are using the last 4 of the EIN in place of the SS anyway.

Having said all that I guess there isn't really an advantage of having a stealth business acct over a stealth personal account is there?