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Old 04-03-2019
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Default To LLC a new or old account

So I got an LLC .I'm waiting to be bank approved for biz banking. Which is better? Start a new stealth account with LLC or switch to business account on an established account? I'm eventually gonna change change em all to biz accounts anyway. Mainly because I have 2 or 3 that were limited last yr for tax i.d. As we already know..they stopped renewing em the following yr.
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Old 04-03-2019
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Default Re: To LLC a new or old account

I personally would never upgrade and add an EIN to an account until I absolutely had to. Plus, starting a business account they want a social security number for the user compared to when you upgrade, adding the last of the EIN in place of the last four of your SS.

Also, some accounts just dont do great. If I have an account that just does not get traction for whatever reason, I do not turn it into a business account and waste an EIN and the expenses that go along with it.
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Old 04-03-2019
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Default Re: To LLC a new or old account

I get what you're saying and thank you for the reply.
The accounts I would be adding LLC to are established power seller accounts with the exception of one of em. Which I wouldn't bother with that one till I had to. Actually probably not ever because it's one of those that do so-so and if I had EIN attached to real good accounts then thered be no need really to bother. One of my purposes for asking my question was so I dont run into issues if they can be avoided.
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Old 04-04-2019
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Default Re: To LLC a new or old account

Quote:
Originally Posted by yankee View Post
I personally would never upgrade and add an EIN to an account until I absolutely had to. Plus, starting a business account they want a social security number for the user compared to when you upgrade, adding the last of the EIN in place of the last four of your SS.

Also, some accounts just dont do great. If I have an account that just does not get traction for whatever reason, I do not turn it into a business account and waste an EIN and the expenses that go along with it.
So youre saying when upgrading to a business account when youre asked for SSN or EIN you can then use the EIN and wont be asked for SSN?
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Default Re: To LLC a new or old account

Let us know how it goes when you do upgrade!
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