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  #1  
Old 01-15-2014
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Default EIN Number

I have a stealth PayPal account that is now asking for the EIN number, i literally have no clue how to resolve this as i am in the UK and EIN is for USA, if anyone could help me get through this i have no hesitation in paying for the service, would be great. Thanks in advance
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Old 01-15-2014
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Default Re: EIN Number

You might want to give us more information about the account....we can't read your mind. Is it a USA account?
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Old 01-15-2014
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Default Re: EIN Number

Yes sorry it is a USA account and it has been put on hold for the 200 transactions limit, it is now asking for an EIN, i spoke to the person who i got the account from and he seems to think i can add one, despite being from the UK, i can not see how this can be true.
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Old 01-15-2014
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Default Re: EIN Number

File a business in a state of your choice and ask for an EIN. You will not be able to file an S-Corp but C-corp or LLC will not be an issue.
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  #5  
Old 01-15-2014
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Default Re: EIN Number

Start Here: Individual Taxpayer Identification Number | Embassy of the United States
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Old 01-15-2014
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Default Re: EIN Number

Quote:
Originally Posted by funnellboi View Post
Yes sorry it is a USA account and it has been put on hold for the 200 transactions limit, it is now asking for an EIN, i spoke to the person who i got the account from and he seems to think i can add one, despite being from the UK, i can not see how this can be true.
Did you not take all that into account before making the purchase?

Go to

Internal Revenue Service

Free to use. Work out what the IRS want

You may have to may out money to keep the account going. Google EIN & see what is on offer at the least cost .

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Old 01-15-2014
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Default Re: EIN Number

also remember paypal cannot verify the address.

some people will go either way with that but some pretty heavy users have vouched saying EIN addresses do not have to match PP, for the same reasons bank accounts do not either.

good luck
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Old 01-15-2014
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Default Re: EIN Number

Quote:
Originally Posted by prowakeskater View Post
also remember paypal cannot verify the address.

some people will go either way with that but some pretty heavy users have vouched saying EIN addresses do not have to match PP, for the same reasons bank accounts do not either.

good luck
Not sure where that came from.

paypal ask the IRS does the EIN info match with a YES or NO reply.

Have to make sure what is on paypal matches the EIN.
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Default Re: EIN Number

the name, yes but the address? I don't believe so.

the name has to match exactly
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Old 01-16-2014
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Default Re: EIN Number

When you apply for the EIN you can submit the physical address to the IRS as the same as your stealth address(use an accurate mailing address, so you'll receive any/all correspondence). The IRS, nor the state used in the stealth address, will care as long as you pay your taxes.
Disclaimer
Of course the above may not be true as it is only my opinion submitted for entertainment purposes only.
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  #11  
Old 01-20-2014
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Default Re: EIN Number

Ok to follow up that. Can you guys advice, in order to provide paypal with EIN does the EIN have to be a Corporation/llc EIN or can I just open a DBA/Self Proprietor then request IRS for a EIN and give paypal that?
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  #12  
Old 01-21-2014
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Default Re: EIN Number

They never ask for an EIN number. They ask for a Tax ID number. SSN, EIN, TIN.

More than likely since you can not comply. Means you are restricted to the 200 transaction/ 20k limitation for US accounts.
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  #13  
Old 01-24-2014
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Default Re: EIN Number

Now I'm totally confused here. If PayPal will know the real name behind the ein how could this possibly work for stealth? As you cannot give the IRS false info to obtain one, totally don't want to mess with the Feds like that.
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Old 01-28-2014
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Default Re: EIN Number

Quote:
Originally Posted by Greenie View Post
Not sure where that came from.

paypal ask the IRS does the EIN info match with a YES or NO reply.

Have to make sure what is on paypal matches the EIN.
Greenie can you help me understand this one a little better. It is ok to use stealth info with IRS to obtain EIN to use with stealth PayPal?
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  #15  
Old 01-29-2014
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Default Re: EIN Number

Just your business name of your paypal needs to match the business name you associate with the EIN but you must use all your real personal details with the IRS and as long as the business names are a direct match you will get the YES Grennie has mentioned
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  #16  
Old 01-29-2014
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Default Re: EIN Number

Quote:
Originally Posted by Dmshark25 View Post
Just your business name of your paypal needs to match the business name you associate with the EIN but you must use all your real personal details with the IRS and as long as the business names are a direct match you will get the YES Grennie has mentioned
But if you go over the limits the 1099k is filed with the IRS with the Stealth Name and address on it. Like I warned again and again. Good luck explaining that to the IRS.
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  #17  
Old 01-30-2014
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Default Re: EIN Number

Just to be clear OP had paypal account hold placed because of having 200 transactions. So, he has already qualified for the 1099K (200 transactions or 20k per year).

Legally, pick a State in the U.S.A (one that has least amount of fees involved since you don't physically reside there, like Wyoming) and create an LLC. There are different companies online that can help you do that. You do not need to be a U.S. resident to open an LLC. Use the name of your stealth business, use a legit overseas address (just not one that was flagged by Paypal at some point) for registering your LLC. You will need a "Registered Agent" address for business documents sent to you by the state, but your Registered Agent will forward them to your legit overseas address.

Just FYI, Registered Agent services you will find can be provided by the same company helping you start your LLC. And there are a ton out there charging from $49.00 to $499.00 to start an LLC. Some that will also require the state fees on top of their fees, so do your homework. This same company can apply for your EIN when they start your LLC, if you do not wish to do it yourself.

(Remember, if Paypal sees the address associated with your EIN and it doesn't match the original address they have, it isn't that big of deal because companies move and change addresses all the time. If however, you do not want Paypal to see a foreign address attached to the business, then you will need to look into getting a U.S. based forwarding address.)

Finally, you will have to file IRS Form 1065 for the LLC at tax time if you want to be legal and continue operating the paypal account in question. A good accountant can advise on that matter. Ultimately an LLC, is a pass through entity, meaning the company is not responsible for paying taxes.

Instead, an LLC's owner reports profit and loss on his/her personal tax returns, similar to the tax reporting for a sole proprietorship or general partnership. This is known as "pass-through" taxation, and there is no need to file a corporate tax return. Owners report their share of profit and loss on their individual tax returns.

Now I have no idea how taxes are done for foreign entities depending on where they are located, so that is a conversation with a tax consultant. If you choose not to file any sort of required yearly tax or state info necessary to keep your LLC legit, then rest assured your paypal account will find closure at some point also.

So I guess my point is… if it is worth the effort to legitimize your paypal account via EIN, then it would seem to me that it would be worth the effort to keep it legit via the right paperwork and taxes once you do.

Oh, one final note… you have to pick a name for your LLC, so hopefully the name you are using on your paypal account is not already taken by an LLC in the state you wish to start your company. The company you hire to do your LLC will do a name search for you.

Just my opinion. May not be right or wrong for you.
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  #18  
Old 02-10-2014
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Default Re: EIN Number

Quote:
Originally Posted by zebber View Post
Just to be clear OP had paypal account hold placed because of having 200 transactions. So, he has already qualified for the 1099K (200 transactions or 20k per year).

Legally, pick a State in the U.S.A (one that has least amount of fees involved since you don't physically reside there, like Wyoming) and create an LLC. There are different companies online that can help you do that. You do not need to be a U.S. resident to open an LLC. Use the name of your stealth business, use a legit overseas address (just not one that was flagged by Paypal at some point) for registering your LLC. You will need a "Registered Agent" address for business documents sent to you by the state, but your Registered Agent will forward them to your legit overseas address.

Just FYI, Registered Agent services you will find can be provided by the same company helping you start your LLC. And there are a ton out there charging from $49.00 to $499.00 to start an LLC. Some that will also require the state fees on top of their fees, so do your homework. This same company can apply for your EIN when they start your LLC, if you do not wish to do it yourself.

(Remember, if Paypal sees the address associated with your EIN and it doesn't match the original address they have, it isn't that big of deal because companies move and change addresses all the time. If however, you do not want Paypal to see a foreign address attached to the business, then you will need to look into getting a U.S. based forwarding address.)

Finally, you will have to file IRS Form 1065 for the LLC at tax time if you want to be legal and continue operating the paypal account in question. A good accountant can advise on that matter. Ultimately an LLC, is a pass through entity, meaning the company is not responsible for paying taxes.

Instead, an LLC's owner reports profit and loss on his/her personal tax returns, similar to the tax reporting for a sole proprietorship or general partnership. This is known as "pass-through" taxation, and there is no need to file a corporate tax return. Owners report their share of profit and loss on their individual tax returns.

Now I have no idea how taxes are done for foreign entities depending on where they are located, so that is a conversation with a tax consultant. If you choose not to file any sort of required yearly tax or state info necessary to keep your LLC legit, then rest assured your paypal account will find closure at some point also.

So I guess my point is… if it is worth the effort to legitimize your paypal account via EIN, then it would seem to me that it would be worth the effort to keep it legit via the right paperwork and taxes once you do.

Oh, one final note… you have to pick a name for your LLC, so hopefully the name you are using on your paypal account is not already taken by an LLC in the state you wish to start your company. The company you hire to do your LLC will do a name search for you.

Just my opinion. May not be right or wrong for you.

Any suggest on what Company to hire in order to get LLC?

Thank you
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  #19  
Old 02-10-2014
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Default Re: EIN Number

Quote:
Originally Posted by bakica View Post
Any suggest on what Company to hire in order to get LLC?

Thank you
There is thousands of them on a google search, but it is FREE to do yourself on the IRS website . There is fees, but not extra fees as using a third party website.

Legal zoom is quite popular and reputable, but why give them the $99 when you can type on the IRS website directly?

Last edited by GreenBean; 02-17-2014 at 01:16 AM.
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  #20  
Old 02-14-2014
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Default Re: EIN Number

very useful post thanks ,
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Old 02-16-2014
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Default Re: EIN Number

Quote:
Originally Posted by yankee View Post
There is thousands of them on a google search, but it is FREE to do yourself on the IRS website. There is fees, but not extra fees as using a third party website.

Legal zoom is quite popular and reputable, but why give them the $99 when you can type on the IRS website directly?

One of the main reasons you would want to use a third party website to do the filings for you, is so that you can use that company as a "Registered Agent" for your LLC if you are not located in that state. Believe me, there are plenty of reasons not to form an LLC in your own state. First one I can think of… you don't even live in the United States.

As far as which companies to use, they all pretty much do the same thing. Although I don't know if LegalZoom also works as a "Registered Agent" in different states. I am actually in California and have used LegalZoom to form Corporations, but I have also used Quickcorps and a couple of others. Also, another reason to use a filing service, is because they will file your yearly Statement of Information, which is required by each state.

I would rather pay a company $100 annually (or whatever the fee is) to not have to worry about little things like that. I've got enough to think about already.

Most important is to look at what add ons you will have to pay extra for, such as having them get you an EIN.

And finally because I used it as an example in my original post, here is Wyoming's Secretary of State's webpage - Wyoming Secretary of State

It will give you an idea of is involved in forming an LLC, or Corporation.

Yankee is right though… you can do it yourself. Good luck.

Last edited by GreenBean; 02-17-2014 at 01:17 AM.
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  #22  
Old 02-17-2014
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Default Re: EIN Number

The IRS is Federal.

Internal Revenue Service

Double check info before posting please.

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