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  #1  
Old 07-29-2014
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Default LLC Address

Hi. I have not been able to find an answer to this.

I formed an LLC and used my real address. I am also going to apply for an EIN. Will paypal have access to the address that I filed with LLC and EIN?

Also, will an EIN be sufficient or will they want a SSN eventually since the LLC is a business, not an individual's name? Thanks!
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  #2  
Old 07-29-2014
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Default Re: LLC Address

I plan on buying an established account off of here so I will be changing everything over. Thanks!
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Old 07-29-2014
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Default Re: LLC Address

The IRS does not furnish addresses to the EIN. They confirm the LLC name and EIN. Thats it. This is at least my understanding

The times I have been asked to furnish an SSN, I have given an EIN. I was not asked to furnish a SSN with it after that.
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Default Re: LLC Address

The IRS will only confirm if the EIN is legit, not the address. Also the EIN is all paypal, Amazon will ever ask for
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Old 07-29-2014
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Default Re: LLC Address

Quote:
Originally Posted by joew8989 View Post
The IRS will only confirm if the EIN is legit, not the address. Also the EIN is all paypal, Amazon will ever ask for
They don't try to match names?
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Old 07-29-2014
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Default Re: LLC Address

Quote:
Originally Posted by joew8989 View Post
The IRS will only confirm if the EIN is legit, not the address. Also the EIN is all paypal, Amazon will ever ask for
Wait a sec... That is not exactly true.

You CAN provide an EIN to Amazon or PayPal (or whomever) and the IRS will only confirm that the business name matches the EIN. That is also the number that they will use to report your sales to the IRS, assuming you meet the threshold.

HOWEVER - Amazon or PayPal, if they want to verify your identity, CAN and DO require you to provide your SSN, among other things. This does not ALWAYS happen, but it DOES happen. If the account is properly managed and your items are not considered high-risk, you should be OK. But if they become suspicious, or if you start selling in a large enough volume to require underwriting, that could trigger a request for documents and an SSN.
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Old 07-29-2014
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Default Re: LLC Address

Quote:
Originally Posted by halotrial View Post
They don't try to match names?
The IRS will only verify (in the case of an LLC, Partnership or Corporation) that the BUSINESS NAME matches with the EIN. Nothing else. By law, the IRS cannot give out any information about you without your written permission.

As a side note, it is important to give them the EXACT NAME that you used to get you EIN. For example, IBM, Inc. is NOT the same as IBM, Incorporated.
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  #8  
Old 07-30-2014
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Default Re: LLC Address

Quote:
Originally Posted by michelle65401 View Post
I plan on buying an established account off of here so I will be changing everything over. Thanks!
Woah!!!!!! Woah!!!!!

Make sure you speak to your seller and tell them you intend to change everything over.

Accounts are flagged if details are changed.

Please be very careful there.

Do not put your real address on your LLC if that address is banned by ebay/paypal.
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Old 07-30-2014
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Default Re: LLC Address

Quote:
Originally Posted by halotrial View Post
They don't try to match names?
I am replying ONLY to a paypal request for tax info. (Forget amazon at the moment & in this thread)

This is what paypal does:

it get info like this:

Halotrial Hats INC
123 Jones Ct
Hatsville
AZ 9021921

It then asks IRS does the above info match YES or NO.

When IRS has the exact and precise info as above, the simple reply is YES

But if your IRS records are Halotrial Hats LTD etc, the response is NO. Paypal turn around and ask for further info
let me know if you understand this, please.
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Old 07-30-2014
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Default Re: LLC Address

Wow! Thank you for all the information. I did plan on asking about changing account to business account with LLC information before purchasing.

Also, what are the thresholds for the paypal underwriting, like will $2500 a month in sales trigger it?

Thanks again for the info!!
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Default Re: LLC Address

@michelle

Such a monthly amount will flag the account for two reasons.

The tax requirements will be reached.
More importantly a new PayPal account may not have the trust in the eyes of PayPal to sustain those high figures

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Old 07-30-2014
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Default Re: LLC Address

What are you thinking, keeping it $500 or below for the first year or so for the risk aspect of it?

For the tax reporting aspect, the LLC will have a tax ID number, but it was mentioned that if there is underwriting they may ask for SSN. What is ballpark figure for that after I have gained trust?

Thank u!!!
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Default Re: LLC Address

Quote:
Originally Posted by michelle65401 View Post
Wow! Thank you for all the information. I did plan on asking about changing account to business account with LLC information before purchasing.

Also, what are the thresholds for the paypal underwriting, like will $2500 a month in sales trigger it?

Thanks again for the info!!
Underwriting generally takes place at the $5,000 level for sales with most payment processors, including PayPal. HOWEVER - you will never reach $5,000 per month in sales if PayPal does not have confidence in you. To do more than - let's say - $1,000 per month, they would have to believe that your identity is real and that you have legitimate and good quality products and are not likely to generate chargebacks or a lot of refunds.

In order to gain that trust, refunds must be avoided wherever possible (but not refunding a buyer who is upset will hurt you more than the refund will) and chargebacks should be non-existent. You should have a lot of positive feedback with less than .05% negatives (that is less than one-half of one percent) and not be accused of selling counterfeits, or of mis-describing your items.
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Default Re: LLC Address

I process like $25k through my PayPal business account every month and have my EIN with them. They have never asked for my SSN. The account is 100% legit though.
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Old 07-30-2014
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Default Re: LLC Address

Quote:
Originally Posted by Tag123 View Post
I process like $25k through my PayPal business account every month and have my EIN with them. They have never asked for my SSN. The account is 100% legit though.
Are you talking about what does appear to be an older & thus established account? Nice work there.

Michelle's account is new.

The hard work needs to be done to get it up to paypal's standards.


Last edited by GreenBean; 07-30-2014 at 06:52 PM.
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Old 07-30-2014
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Default Re: LLC Address

Yes nice work there! Mine will be legit too with LLC Thanks for all the great advice!!
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Old 09-30-2017
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Default

Quote:
Originally Posted by jeffweico View Post

If the account is properly managed and your items are not considered high-risk, you should be OK. But if they become suspicious, or if you start selling in a large enough volume to require underwriting, that could trigger a request for documents and an SSN.
require underwriting? What's that?
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Old 09-30-2017
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Default Re: LLC Address

Old thread, Jeff W hasn't been around for a couple of years, sadly.
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