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Old 12-04-2014
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Default Ein/ safe way?

Hi

My ebay and paypal was permanently limited a while ago with all my REAL identity. With the eBay Stealth Book, I was able to get back on ebay and start selling.

I have made a new ebay and paypal with ⊗⊗⊗⊗ names, real phone number and using my friend's address.

Paypal is now asking for my SSN/ EIN. I have chose to go with EIN.
I want to know what is the most safe way for paypal to not link my ein to my real identity?

Just for paypal not to link to my real identity, can I use sole propriety or LLC?

Do I have to apply for LLC? Would paypal link my real identity if I apply for Ein under Sole Propriety?

Any advice would be greatly appreciated. Thank you
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Old 12-04-2014
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Default Re: Ein/ safe way?

LLC and Corp.
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Old 12-04-2014
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Default Re: Ein/ safe way?

Jeff said very clearly everything in this thread.
We beat this like a dead horse on this forum. I am just going to use Jeffs post from now on, lol

http://www.aspkin.com/forums/paypal-...correctly.html
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Old 12-04-2014
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Default Re: Ein/ safe way?

Take professional tax advice as well.

It is important to cover all your angles in this matter.

To start, look over this site

Internal Revenue Service

User friendly and free to use.

Good Luck.

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Old 12-04-2014
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Default Re: Ein/ safe way?

Hi, Thank you for all your responses. I went to my CPA. She said in order to get an EIN number for S Corporation, I will need to file paper work with the state first to establish my company. Once they approved, then I can apply for the EIN number.

Is that how the process goes? I thought we just go to IRS website to apply for one and get it the same day?

Thank you.
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Old 12-04-2014
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Default Re: Ein/ safe way?

They have it backwards. I am not saying they are wrong, but you can file a corp with the IRS and register with the state later.
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Old 12-04-2014
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Default Re: Ein/ safe way?

First, I would always advise that you listen to your tax professional.

I do know, however, that it is within the IRS rules to obtain an EIN for an LLC, even if it has not been officially formed yet. I have done this with no problems. Of course, you DO have to set up the LLC in a reasonable time period.

I am not sure about S Corporations. I have no idea why they recommended that as opposed to an LLC, but I am sure there is a good reason. The thing is, they will know your personal circumstances where we on the forum do not.

If you decide to do things your own way, ignoring the advice of your tax professional, you could end up paying more than you have to in taxes. Sometime, a lot more. So this is NEVER a good idea.
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Old 12-04-2014
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Default Re: Ein/ safe way?

S-corp is a lower taxed entity by 15% self employment tax if a single member LLC. I personally would never own another single member LLC for this reason. The one single member LLC I do own will never make any money because of the 15% off the top self employment tax.
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Old 12-04-2014
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Default Re: Ein/ safe way?

Personally, I use partnerships operating as an LLC.
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Old 12-04-2014
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Default Re: Ein/ safe way?

That eliminates the single member silliness
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