Alternative SSN choices; EIN or TIN ?
Use of a EIN or TIN for paypal.
EIN = Employer Indentification Number (all employers) and
TIN=Taxpayer Identification Number (for foreigners with US income)
I am still in the information gathering and preparation stages of setting up my backup ebay and Paypal accounts.
In going through the forums I see that I may have a problem getting a paypal account limited. As part of the unlimiting process I see paypal will ask for a SSN. Now, I definitely do NOT want to give paypal my ssn. So I was reasearching other options.
The one legal option is the EIN, The IRS will give a sole proprietor (Indivdual) an Employer Identification Number if that person forsees having to hire. (Even if you only have to hire a nanny)
The process is easy, do it on their site or just fill out a SS4
The EIN is basically a SSN for businesses.
IRS rules say that an individual only can have one EIN at a time, but when that business is sold, the business is required to get a new EIN, and if the business is sold back to the original owner that person must get another EIN. So legally, you could run through a bunch of EINs.
The question, will a new business EIN satisfy paypal for the purpose of unlimiting an account? (note, I plan to register with paypal as a business)
anybody want to weigh in on this?
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