PPal asking for tax info. Now i have some Q's

[user3657]

Originally Posted by Impact

You are correct. All you have to do is upgrade to a business account on paypal and provide them the name of your company and your EIN number. Paypal will not be able to obtain any information to whom the company is registered to.

You can input a new address at this point right?

[Impact]

Originally Posted by user3657

You can input a new address at this point right?

When you upgrade to a business account via paypal you are asked what type of a business account you prefer. Now there are several choices such as Individual, Sole Proprietorship, Corporation, etc.

When you upgrade to Individual or Sole Proprietorship, you are not asked where the business is located. So the only way you can change your address is via personal information, which I wouldn't advice.

When you upgrade to Corporation, it asks for Primary Contact Information, in which you can input an address. I personally upgraded to corporation and I included the same address as before just to be on the safe side. You can input any address you would like since a corporation is owned by several individuals (stocks).

Overall, I would advice for you not to input a new address in order not to trigger any issues.

[mom24kids]

Hello everyone,

I've been following this conversation....I have a stealth account that I have been selling on for almost a year....no where near the 20K/200 mark, but got the dreaded prompt from paypal about providing Ein, etc.

So...I should obtain an EIN under a corporate name? Then, give all legit information except us stealth address and create a company name? I read somewhere that I could get a forwarding address to my home....do you think that is right? Do yall recommend creating this EIN under individual or corporate? Also, once I create the EIN online, how long does it take to obtain this number?

I'm not a big seller, but I just want to make sure I do this correctly.

[newjerseymax]

A lot of tax advice on this page... These questions should be asked with tax professional not here....