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Old 09-29-2012
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Default Personal VS Business

Hey guys,
Im here still learning and researching as I was told to do. And Im still tryna navigate through a few things.

Now my plan is staring out with 3 accounts to spread sales out. But Im wondering would anyone like to share their opinion on working with a personal bank account and a stealth account VS being set up as a business with the state.

My concern is longevity. And not wanting to end up in jail for tax's
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Old 09-29-2012
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Set up an LLC, you can get all separate EINs for accounts/taxes.

Pay your taxes.
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Old 09-30-2012
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Quote:
Originally Posted by AmazonStealth View Post
Set up an LLC, you can get all separate EINs for accounts/taxes.

Pay your taxes.
I don't know why everyone tells people on this site to start a LLC to get an EIN. You can be a sole proprietorship and get an EIN. It depends on the state but in most states all you have to do is file a DBA or Trade Name for the Business and find out who to register with so you collect sales tax from buyers within the state, obviously each state is different. But that should be it in a nutshell.
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Old 09-30-2012
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If you're worried about longetivity and declaring tax, maybe a strong move would be to consider having a tax consultation with registered accountant or someone like that...?
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Old 09-30-2012
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Quote:
Originally Posted by makaveliagain View Post
I don't know why everyone tells people on this site to start a LLC to get an EIN. You can be a sole proprietorship and get an EIN. It depends on the state but in most states all you have to do is file a DBA or Trade Name for the Business and find out who to register with so you collect sales tax from buyers within the state, obviously each state is different. But that should be it in a nutshell.
Of course you can do this but if you are making any real $ your deductions are minimal compared to a corp and in a SP you assume ALL liability
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Old 09-30-2012
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..so that leaves me with a question. The ebay/ppl accounts will have made up names, an Its only a matter of time before I cross the 200/$20,000 and im assuming that when I do ebay/ppl will as for some type of information. What will that be? And how can I provide it. After I setting up an LLC ...

And If I am looking to run multiple accounts to spread sales, I wont be able to provide the same information for say 5-10 accounts. So what information will I be getting remember the names are all John DoeIsh
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Old 09-30-2012
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and for clarification the names on the ebay accounts will be made up? will the paypal/ ebay accounts all be business accounts? If so wont they ask you for a name and/or business name when your creating them? do you just make up one for ebay/ppl creation purposes and provide separate EIN's when they ask
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Old 10-01-2012
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What you do is this.....

Sit down and use the SEARCH box.

eBay Suspension & Paypal Limited Forums - Search Forums

Look for replies by these users KingRay, jeffweico, Sandy D.

There have been many posts on your topic. You need to take the leap of working out your plan.
Standard forum advice is to see a TAX PROFESSIONAL.

That way, you do everything to comply with IRS requirements.

You would not have a made up name, per se. You would consider a BUSINESS name.

Read what you can.
Feel free to pm me too. I will give you the extra sites to use ONLY when you have a better idea of what to do.

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