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  #1  
Old 10-03-2014
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Default Question about 200/20000 sending EIN?

OK first off I know this is a question that hasn't been asked. I know its a generic question but mines a little different.

First my plan is to have lots of ebay paypal accounts, as of now that is NOT the case. I would like 2-3 to paypal accounts with EIN so as to be able to sell more with great service as there won't be any direct reason to limit me. NOW I'm not looking to sell more than 20,000 on each more so number of sales.

My main question is adding EIN in a paypal great for one account as self propitertor but if I want to have more than one power account I need more independent EIN right? That would mean I would need say 3 LLC and 1 EIN in each LLC?

I believe that is a simple yet question that is not directly tax related.
SO YOU CAN RESPOND WITHOUT SAY WE CAN'T GIVE TAX ADVICE.

-P.S I have spent time on this forum just really no help
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Old 10-03-2014
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Default Re: Question about 200/20000 sending EIN?

You can not use a Sole Proprietor EIN on ebay or amazon. It links directly to you.

Everything else is accurate. Keep in mind each company needs its own new address not used on ebay before.
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Old 10-03-2014
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Default Re: Question about 200/20000 sending EIN?

As yankee said, do not use a Sole Proprietorship or Partnership for your LLC. They will verify you and your SSN instead of a business name and an EIN. LLC Corp or something like that. There are othe LLC's that will work, but this is where you need to talk to a tax professional. When ppl say that, it is not to not help you. But we don't want to give you false info and be help accountable for the mistake.

I do not know the amounts you are selling, but this calendar year is almost over. So unless you are going to hit 150-200 sales before Dec31 on a single account, then I would not add the EIN yet. I mean you could, but it would really not serve an immediate purpose. Also when you go to form your LLC, they should have plenty of answers to any other questions that we can't answer with 100% certainty.
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Default Re: Question about 200/20000 sending EIN?

I'm planning all this for the upcoming year. What I'm doing is making about 12 accounts. Whichever does the best I will hopefully add ein's to. I plan on maybe 2-3? The thing is when claiming taxes I'm not about to just add income as (misc) if I'm clearly getting 30,000 into my bank accounts. I've done a ton over reading about this subject. I mean honestly this subject should be explored for serious stealth ebayers more.

I plan on making maybe around $10,000-15,000 per account if all goes as I plan but have a lot more than 200 sales. Why not try to attempt to have power accounts if you know you can provide customer service that can match it?

What I know is that if you get a LLC you can then later form businesses associated to the llc or not under that one llc thus getting a new ein. Now you get 2, 3 times LLC's per ebay account sales name your golden as business names concerns. Its all legal as I know of. Not to mention you can create bank accounts under the business so its not associated directly to your personal accounts.
Only bummer is for NYC, NY it costs like 425 per LLC. (not included ein)

-I plan on going a lot further into this subject. More so brainstorming
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Old 10-03-2014
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Default Re: Question about 200/20000 sending EIN?

first of all, go to this site:

Internal Revenue Service

User friendly and free to use.

Read it from start to finish. You get enough info on it to find out what to do.

Then consider using a tax professional to help you create what you need for your plan.

To be cost effective, avoid the likes of legalzoom. They will overcharge you by hundreds of dollars.

If you do your homework, you can achieve what you want. Use google to find States that do not charge high fees for your purposes. They certainly exist.

Keep in mind, the forum does not give tax advice so make sure you understand this.

Good Luck.

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Default Re: Question about 200/20000 sending EIN?

Quote:
Originally Posted by yankee View Post
You can not use a Sole Proprietor EIN on ebay or amazon. It links directly to you.

Everything else is accurate. Keep in mind each company needs its own new address not used on ebay before.
Been using a sole proprietorship EIN since 2011 when the 1099k started. So fail on that theory.

You are correct about switching up info from a previously burned PayPal account with legit info. Best advised to get a UPS Store address or something like that to use as the official business address in a different city, etc. Kind of depends on how long ago the account was burned. If it was like 5-6 years I wouldn't worry as much. If it was recently then you need to be much more careful.

Last edited by vogeltron; 10-04-2014 at 03:17 AM.
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Default Re: Question about 200/20000 sending EIN?

Quote:
Originally Posted by vogeltron View Post
Been using a sole proprietorship EIN since 2011 when the 1099k started. So fail on that theory.
That is very interesting to hear.
Sounds like you are running a very good business with minimum issues.
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Default Re: Question about 200/20000 sending EIN?

Quote:
Originally Posted by hustler_nyc View Post

Only bummer is for NYC, NY it costs like 425 per LLC. (not included ein)
There is 49 other states
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Default Re: Question about 200/20000 sending EIN?

[QUOTE=vogeltron;594542]Been using a sole proprietorship EIN since 2011 when the 1099k started. So fail on that theory.

Could you elaborate? This is the information I was looking for!!! You, I'm assuming have this for only one paypal account correct? Does the paypal have a variation of your real name or is it completely unique? The ups mailbox was one of the things I read about. The idea that your getting a actual physical address as you can't sign up for a ein or maybe its llc I believe without a physical address (i.e no p.o box)

I still want to run smaller stealths to even out sales don't get me wrong. Why not at least TRY to have a main account? Seems like its working for someone, why not?
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Default Re: Question about 200/20000 sending EIN?

I really feel like information from people either seriously interested in the subject or people currently involved with the process (having a EIN in paypal) is valid. Everything else like Vogeltron said is just speculation and theory. Anybody that has a EIN in paypal please speak up! ANY information good/bad is useful.
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Default Re: Question about 200/20000 sending EIN?

Anybody that uses or plans to use ebay as a career (main money source) for however long that be should at least chime in..
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Default Re: Question about 200/20000 sending EIN?

I have many of them. No speculation here.
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Default Re: Question about 200/20000 sending EIN?

Many could you have "many" EIN'S?
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Default Re: Question about 200/20000 sending EIN?

*how could you have "many" EIN'S?
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Default Re: Question about 200/20000 sending EIN?

No limit on how many companies you can own.
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Default Re: Question about 200/20000 sending EIN?

One Corporation can own dozens, or hundreds of LLCs as an example. Look at Kraft, they own hundreds or how about Warren Buffet or Donald Trump. Today, every business venture should have its own entity for asset protection, liability, taxes, etc...

Look into WY companies, how to start them, advantages/disadvantages, costs and then chat with an adviser. You can open a hundred companies today if you want. No limit.
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Default Re: Question about 200/20000 sending EIN?

Quote:
Originally Posted by hustler_nyc View Post
Could you elaborate? This is the information I was looking for!!! You, I'm assuming have this for only one paypal account correct? Does the paypal have a variation of your real name or is it completely unique? The ups mailbox was one of the things I read about. The idea that your getting a actual physical address as you can't sign up for a ein or maybe its llc I believe without a physical address (i.e no p.o box)

I still want to run smaller stealths to even out sales don't get me wrong. Why not at least TRY to have a main account? Seems like its working for someone, why not?
All my info is my real info. Same name that was burned years ago and it is not a unique one. I just went stealth on everything.

You can sign up for an EIN with your real address, etc. It is the Mail Box or a different address that you need for the PayPal. So it is not the exact same on file that was burned in the past. Like I mentioned I suggest getting a Box a few cities away. Of course new phone number and all the other stealth practices apply so there is no link.

Has worked for me for the past 4 years knock on wood.
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Default Re: Question about 200/20000 sending EIN?

So I just want to get this correct, you have many LLC? What I have read was if you incorporate yourself when using your EIN your name is shown NOT the business but if you open a LLC with a EIN thats how you get the business name to show instead of your name.

I only would like 2-3. I know when dealing with the IRS you got to know what your doing. I know about the whole opening up many companies but what I have read was that it is advisable to open a one LLC and have similar business under that LLC. Now say filing taxes for 3 LLC's (3 different ebay/paypal accounts) I could make the argument they different businesses by the product I'm selling but technically its still under EBAY'S umbrella right?

Thanks yankee for the help.
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Default Re: Question about 200/20000 sending EIN?

Quote:
Originally Posted by vogeltron View Post
All my info is my real info. Same name that was burned years ago and it is not a unique one. I just went stealth on everything.

You can sign up for an EIN with your real address, etc. It is the Mail Box or a different address that you need for the PayPal. So it is not the exact same on file that was burned in the past. Like I mentioned I suggest getting a Box a few cities away. Of course new phone number and all the other stealth practices apply so there is no link.

Has worked for me for the past 4 years knock on wood.
Wait I think I'm reading this wrong? Your using your REAL name on your burned paypal account?? I know you HAVE to use real name obviously to get a EIN number duh, but as far as your real name.. that doesn't make sense if its a stealth.
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Default Re: Question about 200/20000 sending EIN?

Quote:
Originally Posted by hustler_nyc View Post
Wait I think I'm reading this wrong? Your using your REAL name on your burned paypal account?? I know you HAVE to use real name obviously to get a EIN number duh, but as far as your real name.. that doesn't make sense if its a stealth.
A sole proprietor is your real info DBA(Doing Business As) hence is paypal had a reason to delve into the EIN it links directly back to you, because it is you. I am not saying it does not work and can not work, I am saying it could be an issue if a problem occurred with paypal.

He is using all his real info, but he is using a second mailing address for the address. That is why there would not be a link unless a problem occurred.
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Default Re: Question about 200/20000 sending EIN?

Quote:
Originally Posted by hustler_nyc View Post
So I just want to get this correct, you have many LLC? What I have read was if you incorporate yourself when using your EIN your name is shown NOT the business but if you open a LLC with a EIN thats how you get the business name to show instead of your name.

I only would like 2-3. I know when dealing with the IRS you got to know what your doing. I know about the whole opening up many companies but what I have read was that it is advisable to open a one LLC and have similar business under that LLC. Now say filing taxes for 3 LLC's (3 different ebay/paypal accounts) I could make the argument they different businesses by the product I'm selling but technically its still under EBAY'S umbrella right?

Thanks yankee for the help.
You can have all the similar businesses you desire, just file correctly/proceedings, etc and all is well.

Balloon companies(Usually know as Holding Companies) are almost always Corporations but can be a variety of entities too. . This is where you need an adviser. At that point it is tax strategies and liability protection, nothing to do with paypal/ebay.

I own Trusts, LLCs, Corps, Partnerships, etc. Every situation is different.

So something you may be not grasping is that a LLC, Trust, Corp, etc...if handled correctly is 100% its own entity. You just happen to be the owner or one of the owners.
Example, who ownes Lowes? Home Depot? EXXON? BP? The answer is the shareholders of the corporations and members of the LLC, not an individual.

One thing you should to discuss with your adviser is Self Employment Tax and how it effects different types of LLC and Corporations. Odds are you can give away a percentage or two of an LLC but save yourself 15% in additional taxes.

Because these topics vary so much, then each state has its own issues, and we all have very different situations, they are not talked about on this forum.
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Default Re: Question about 200/20000 sending EIN?

DIRECTLY FROM IRS WEBSITE:

Sole Proprietors
You will be required to obtain a new EIN if any of the following statements are true.
You are subject to a bankruptcy proceeding.
You incorporate.
You take in partners and operate as a partnership.
You purchase or inherit an existing business that you operate as a sole proprietorship.<---

The last line could easily apply to ebay. I feel like just getting multiple EIN'S and use them while obviously making sure the accounts you have EIN'S have with out a doubt TOP customer service. This COULD work right?
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