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  #1  
Old 07-29-2014
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Default A Question For EIN Business Account Owners

For the past 8 hours I have read archived posts about this topic and Google'd the topic too but there are still too many variations of answers instead of a simple solid answer.

I need to provide PP with an EIN number and upgrade my account to a business account.

Because I am blacklisted on eBay and PP I operate all stealth. The account I need to upgrade is stealth.

I'm confused about how far I need to go to use this EIN and then upgrade my PP account to Business.

I can get my EIN as a Corp. but do I also have to get a state tax payer ID and a state business license???

Regardless of whether I do or do not need all of this, I have read recent forum postings (from different forum sites) stating that PP still needs a responsible member of my corp.'s SS number as well as the EIN number. Is this true?

When I tried providing an EIN number on my PP update page it asked for the company name, the EIN AND the name of a responsible contact person or owner.

That's as far as I went with trying to provide this info to PP.

Before I do it again for real, I'm asking if after giving my stealth name as the contact will PP want that name's SS # too??? If so then I'm SOL.

There is no sense in going through all the hoops to get the EIN and all the rest if I still have to provide a valid SS number.

All advice appreciated.
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Old 07-29-2014
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Default Re: A Question For EIN Business Account Owners

There is debate about this. Personally I have not registered anything as a corporation. The EIN account I have is as a sole proprietorship.

What I can say. As long as the Business Name on the PayPal matches the name with the EIN registered with the IRS you are good to go.

The potentially bad news. At-least for sole proprietorships even when you give them a EIN. If you get a 1099k for exceeding the limits your stealth name is on the form filed with the IRS which can be a big no-no.

AS ALWAYS. Talk to an accountant.
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Old 07-30-2014
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Default Re: A Question For EIN Business Account Owners

Quote:
Originally Posted by vogeltron View Post
There is debate about this. Personally I have not registered anything as a corporation. The EIN account I have is as a sole proprietorship.

What I can say. As long as the Business Name on the PayPal matches the name with the EIN registered with the IRS you are good to go.

The potentially bad news. At-least for sole proprietorships even when you give them a EIN. If you get a 1099k for exceeding the limits your stealth name is on the form filed with the IRS which can be a big no-no.

AS ALWAYS. Talk to an accountant.

Hi All! I have similar concerns/questions. I already have legit account with ligit PP account where my SS number is given. My questions are:
1) Can I open a personal Ebay/PP account with new real name/address and provide EIN where required instead of SS number?
2) I have to use the EIN & sole proprietorship (busimess name) to open a the PP account? Also provide SS number? Your advice/input will be highly appreciated.
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Old 07-31-2014
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Default Re: A Question For EIN Business Account Owners

1) Don't use your real name.

2) Read the post above by vogeltron and few EIN posts around the forum.

If you have more doubts, consult a professional financial
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Old 08-01-2014
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Default Re: A Question For EIN Business Account Owners

Quote:
Originally Posted by rsot View Post
1) Don't use your real name.

2) Read the post above by vogeltron and few EIN posts around the forum.

If you have more doubts, consult a professional financial
Not necessarily true about using a real name. It kind of depends on what you are doing LLC, Sole Propritoship, etc.

I have said many times. If you exceed the PayPal limits and get a 1099k with a "Stealth Name" on the account for sole proprietorship I don't know about Corporation. Your stealth name will be on the 1099k filed with the IRS not the business name. Don't know about you but I definitely don't want that problem.
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Old 08-01-2014
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Default Re: A Question For EIN Business Account Owners

Quote:
Originally Posted by vetman90 View Post
For the past 8 hours I have read archived posts about this topic and Google'd the topic too but there are still too many variations of answers instead of a simple solid answer.

I need to provide PP with an EIN number and upgrade my account to a business account.

Because I am blacklisted on eBay and PP I operate all stealth. The account I need to upgrade is stealth.

I'm confused about how far I need to go to use this EIN and then upgrade my PP account to Business.

I can get my EIN as a Corp. but do I also have to get a state tax payer ID and a state business license???

Regardless of whether I do or do not need all of this, I have read recent forum postings (from different forum sites) stating that PP still needs a responsible member of my corp.'s SS number as well as the EIN number. Is this true?

When I tried providing an EIN number on my PP update page it asked for the company name, the EIN AND the name of a responsible contact person or owner.

That's as far as I went with trying to provide this info to PP.

Before I do it again for real, I'm asking if after giving my stealth name as the contact will PP want that name's SS # too??? If so then I'm SOL.

There is no sense in going through all the hoops to get the EIN and all the rest if I still have to provide a valid SS number.

All advice appreciated.
to ensure you are fully covered at both Federal & State level, speak to a Tax Professional.

You can get assistance in creating everything correctly. Majority of the time, an SSN request might be avoided.

Line up all your ducks in a row.

Good Luck

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