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Old 06-21-2013
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Default Adding an EIN and paying stealth tax

So I just added the EIN to PP and was wondering how long it usually takes before they give the go ahead so I can continue to sell? Nothing high risk. Was selling and then they asked for the EIN so I just added it.

And for future accounts I know I can get more than 1 EIN per LLC but the business name on the PP has to match the LLC name if I add the EIN's right? And if thats the case how can you go stealth with just 1 LLC if you plan on having a few solid accounts you don't mind paying taxes on?

Sorry about all the questions but hopefully someone can help
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Old 06-21-2013
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You are correct that the LLC Name and the name entered into PayPal must match.

And, yes, it is possible for an LLC to have more than 1 EIN. However, this gets tricky and really should be handled by a professional (accountant or attorney) who understands tax law and business structuring.

Is there a reason you can only have 1 LLC?
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Only reason for just 1 LLC was to save on the time (and money) to create multiple LLC's- I do have a tax accountant that handles all of my business (online and offline) in terms of taxes. I was just trying to see if I can consolidate the online businesses under 1 LLC.
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Quote:
Originally Posted by upsidedown View Post
Only reason for just 1 LLC was to save on the time (and money) to create multiple LLC's- I do have a tax accountant that handles all of my business (online and offline) in terms of taxes. I was just trying to see if I can consolidate the online businesses under 1 LLC.
That would not be so easy. The thing is, you would need to have the IRS records matching the stealth business name and I'm not sure if that is possible.

I never add an EIN until I absolutely have to. By that time, I know whether or not the account is solid enough to warrant my setting up an LLC. But in my state, it takes all of 5 minutes and costs $100.

Of course, there is ongoing paperwork involved and tax returns need to be filed properly. That is why I have an accountant for that. It is not very expensive if all the records are in good order.
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