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Old 07-10-2014
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Default Paypal Name / Bank Question

Ok, here is a little background.

I've had my Paypal account for over 10 years, fully verified, sent in my id twice, added ssn, blah blah blah.

Out of the blue I get an account limited email. I call them and they said they won't tell me anything, or details of why and then proceed to tell me I can have my money in 180 days and they are parting ways with me as a customer. This is a healthy amount of money as well. All is legit and legal.

I have an attorney working on this right now but in the meantime I have to pay my bills and they have most of my money tied up. I do not need the paypal account to accept payments as I do most of my business with checks. The issue is I get almost all my inventory via Ebay, which obviously is paid through paypal. Now I can't buy on ebay as I have no way to pay for anything. Selling is not the issue, buying is. My ebay accounts are all in fine standing as I do not sell on that garbage site anymore anyways and they could care less about buyer accounts.

How can I pay with paypal now? Here are my options and the pitfalls with each.

1. I thought about forming an LLC. With that I would get a business name obviously. I could then open a bank account in the LLC name. Addresses and new phone numbers are not an issue as I can easily get these.

PITFALL? Is Paypal not going to ask for a Physical Persons name anywhere in the account process. Knowing paypal they will one day ask for some ID or something. This will obviously be a single member LLC with my real name attached to it. I thought about using a family member as the members name attached to the LLC but the hangup is as a single member LLC you are taxed just like a sole proprietor. Would I be able to tax write-off payments PAYED by a single-member LLC, with a family member attached to it? The payments coming in would be solely in my name. The LLC would really only be used to PURCHASE items.


2. Have a family member open a paypal account for me. I know the risk but my family is real close knit and I trust them 100%. In theory I would have someone open a separate bank account, with all their info. I have family members who do not use paypal. I could then deposit my money into their separate bank account, and then into paypal. The payments would then come into my real name and I could put some into my personal bank account and some into the "separate" account linked to paypal with my family members name to operate my business.

PITFALL? The payments I send would need to be written off come tax time and now they will be technically sent from a paypal that has my family members name attached to it. Not sure I can do that with the IRS.


3. A Joint bank account, opened by me and another family member. Now obviously the bank account will have both our names on it but I would be the only one depositing money into it which then will go into a paypal with the other family members/joint account owners name on it.

PITFALL? It seems to eliminate some of the tax burden from the family member as my name is attached to the actual bank account where its coming from, even though the actual Paypal only has the family members name on it. Not sure that is sufficient for the IRS however.

Those are the 3 things I can think of. Which way would you go? Perhaps I am overthinking it and there is an easier option. I just need a way to send money with paypal. Receiving it would be done through check, completely outside of ebay/paypal but I do need a way to write-off those payments sent come tax time.

I have read stealth and understand changing all the other things, ip address, new ebay accounts, which are a breeze because I only buy with them, addresses, phone etc.



I appreciate the help, sorry this post is long but I wanted to be thorough
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Old 07-11-2014
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Default Re: Paypal Name / Bank Question

I would go through the previous threads. There are lots of topics on similar situations.
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