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  #1  
Old 04-15-2014
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Default Is it the end of stealth PP Business Account ?

hey

i am trying to open a pp business acc. now they are asking for ssn#. what to do?

or is it the end of stealth business accounts? also, sellers here are selling meta bank vba s.

do you guys have any seller who sells good vbas other than meta bank?

i need help. thanks.
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Old 04-15-2014
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Default Re: Is it the end of stealth PP Business Account ?

Did you give them an EIN number first and then they STILL also want a SSN?
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Old 04-15-2014
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Default Re: Is it the end of stealth PP Business Account ?

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Originally Posted by crocus View Post
Did you give them an EIN number first and then they STILL also want a SSN?
While trying to open a business account, pp now ask you to enter ssn, if you are opening business acc as a sole trader or individual. So opening individual pp business account is impossible.

If you choose partnership or other they ask for EIN.

I tried Not for profit to by pass it. It asked for my ssn clicked on back button. It went back and told me your account has already been created. So i click on the link and it took me inside the newly created NFP pp acc.

Now it asks me to add cc card, mobile no, land line and add a bank account.

Now on my profile page, the SSN, TIN and EIN # are empty.

However, if you plan to use NFP pp account for business purposes, (i believe) pp will either ask for more doc or in other words limit you.

Also now vbas are not available like before, sellers are selling metabank. which will eventually get you limited.

Can some expert please pour in some suggestion on how to open an individual pp business account if someone has done it already? at the moment im stuck and it hurts :(
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Old 04-17-2014
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Default Re: Is it the end of stealth PP Business Account ?

no body knows anything on this issue??? :(
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Old 04-17-2014
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Default Re: Is it the end of stealth PP Business Account ?

I have always assumed that if you open a business as a sole proprietor or partnership that your SSN acts as your EIN because their liability follows through to the individual owners. LLCs SCorps and Corps do not, again I assume, so they are given an EIN because they are their own entity and liability does nto follow through.
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Old 04-17-2014
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Default Re: Is it the end of stealth PP Business Account ?

Quote:
Originally Posted by bjammin View Post
I have always assumed that if you open a business as a sole proprietor or partnership that your SSN acts as your EIN because their liability follows through to the individual owners. LLCs SCorps and Corps do not, again I assume, so they are given an EIN because they are their own entity and liability does nto follow through.
Your assumptions are right on track.

mrzoo, if you are not a non profit organization(the hardest organization to setup and most complicated taxed entity) do not open a not for profit account. I can see a slew of problems with that.
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Old 04-17-2014
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Default Re: Is it the end of stealth PP Business Account ?

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Originally Posted by yankee View Post
Your assumptions are right on track.

mrzoo, if you are not a non profit organization(the hardest organization to setup and most complicated taxed entity) do not open a not for profit account. I can see a slew of problems with that.
Also a not for profit account would have an EIN and would require it for verification of opening an account.
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