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Old 05-10-2015
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Default S Corp, LLC or C-Corp

I've been looking into getting my EIN ready for paypal because they are going to be asking for it real soon. Can you have a S Corp with a stealth account? Will paypal be able to see the more detailed IRS information (real name etc) with an S Corp or will they only be able to see the EIN and thats it? Still not sure why people go with LLC over S-Corp seems to be a lot more expensive. I have condos in both Chicago and Florida and Florida has no income tax so I'd probably file there. Basically I'm just looking for an easy inexpensive EIN.

Thanks,
Tom
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Old 05-10-2015
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Default Re: S Corp, LLC or C-Corp

Depends on the structure of the corporate procedure in the state you plan to file in. Corporations are a *state* function. The IRS is not involved with corporations except to recognize them as such. I have used S-corp in WA state to do Amazon's interview and it worked fine. And Amazon isn't going to be googling your business info unless you've done some really, really bad things, in which case you're screwed anyway.
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Default Re: S Corp, LLC or C-Corp

My only certain is with Paypal and Ebay.. I cant use my SSN so I'm going to have to use an EIN.
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Default Re: S Corp, LLC or C-Corp

Of course, what's the problem with using an EIN?
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Old 05-10-2015
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Default Re: S Corp, LLC or C-Corp

Quote:
Originally Posted by Tjmcnich View Post
I've been looking into getting my EIN ready for paypal because they are going to be asking for it real soon. Can you have a S Corp with a stealth account? Will paypal be able to see the more detailed IRS information (real name etc) with an S Corp or will they only be able to see the EIN and thats it? Still not sure why people go with LLC over S-Corp seems to be a lot more expensive. I have condos in both Chicago and Florida and Florida has no income tax so I'd probably file there. Basically I'm just looking for an easy inexpensive EIN.

Thanks,
Tom
The ongoing paperwork required to maintain an LLC is usually much simpler than for an S-Corp. An LLC's are not more expensive in EVERY state, it depends on your state. In Indiana, the filing fee for an LLC totals $75. In California, I am told it is over $700.

PayPal, Amazon and anyone else can only verify the BUSINESS NAME matches the EIN. They receive a code of MATCH or NO MATCH. That is it. The IRS does NOT give out detailed information under any circumstances, except maybe to law enforcement or under a court order.

That assumes that the LLC name is under a corporation or an LLC. If you get an EIN under your personal name, then the IRS will match your PERSONAL NAME with the EIN. Individuals sometimes have an EIN if they employ people, such as maids, gardeners, etc.
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Default Re: S Corp, LLC or C-Corp

So for an S Corp can I make the business name different than my person name? For instance Real Name of Johnny Football.. Stealth Name Snow White. Can I make an S Corp of Snow White Corp? and in Paypal I would change it a business name of Snow White Corp? Also if anyone is a tax person out there it would make more sense to use my Florida address rather then my Illinois address, correct?
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Default Re: S Corp, LLC or C-Corp

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Originally Posted by Tjmcnich View Post
So for an S Corp can I make the business name different than my person name? For instance Real Name of Johnny Football.. Stealth Name Snow White. Can I make an S Corp of Snow White Corp? and in Paypal I would change it a business name of Snow White Corp? Also if anyone is a tax person out there it would make more sense to use my Florida address rather then my Illinois address, correct?
You can make the name anything you like. Snow White Corp would work.

From what I remember when setting up corporations before such a thing as LLC, C corps required the most paperwork and cost (you don't need it for ebay/paypal) and S Corps were much easier with paperwork and cost. When LLCs came out then those were what was recommended for the simple paperwork and cheapest.

Also there are certain words that cannot be in the name. I can't remember exactly but you can't have Federal or United States and some other words in the corporation name that might make you look like a government agency. The state should not allow the name but you never know.

Keep in mind that the paperwork that you file with the state will be a public record that can usually be seen online. I am not sure if ebay/paypal looks at that though.

And everything that Jeffweico said is correct.
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Default Re: S Corp, LLC or C-Corp

I can't open a Sole proprietorship while using an stealth account correct?
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Default Re: S Corp, LLC or C-Corp

No. Only a single member, pass-thru corporation will work for the simplest method of popping in an EIN.
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Default Re: S Corp, LLC or C-Corp

No paypal ask you for contact information and that's where the require your SSN. I tried this method, got a EIN, Po Box, Phone.. whole 9 yards and when its time to add the bank info they want the contact info to match, and you can't input the business info, in that field. So its not as simple as just going to get a Ein from my experience.
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Default Re: S Corp, LLC or C-Corp

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Originally Posted by mizzle View Post
No paypal ask you for contact information and that's where the require your SSN. I tried this method, got a EIN, Po Box, Phone.. whole 9 yards and when its time to add the bank info they want the contact info to match, and you can't input the business info, in that field. So its not as simple as just going to get a Ein from my experience.
SSN "or" EIN for a business account though right? I currently have a working paypal verified whole 9.7 yards
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Default Re: S Corp, LLC or C-Corp

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Originally Posted by Tjmcnich View Post
SSN "or" EIN for a business account though right? I currently have a working paypal verified whole 9.7 yards
I just hung up with them a hour ago. Its for a business account, but they still require a "guarantor" even with the LLC. So they want a license and SSN. I already gave them the Tax Id, but they still are pursing.
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Default Re: S Corp, LLC or C-Corp

What if you beat them to the punch and give them the EIN before they ask you for it? So you're saying they want both SSN and EIN?
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Old 05-11-2015
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Default Re: S Corp, LLC or C-Corp

Quote:
Originally Posted by mizzle View Post
No paypal ask you for contact information and that's where the require your SSN. I tried this method, got a EIN, Po Box, Phone.. whole 9 yards and when its time to add the bank info they want the contact info to match, and you can't input the business info, in that field. So its not as simple as just going to get a Ein from my experience.
Your post is a bit confusing as to what exactly is happening. It sounds like your account was not properly set up, or at least the order of things are wrong - are you saying that you're having problems adding a bank account?

I'm not quite sure what form you were filing out though. When adding a bank, you just input your routing number and account number - no address or any other information is asked or required. What did you mean about Paypal asking for contact information?

Quote:
Originally Posted by mizzle View Post
I just hung up with them a hour ago. Its for a business account, but they still require a "guarantor" even with the LLC. So they want a license and SSN. I already gave them the Tax Id, but they still are pursing.
Sounds like another Paypal rep that is clueless. What exactly is the problem that you're having? Was the EIN not accepted? Or are you having issues adding a bank account?

Last edited by plumsake2; 05-11-2015 at 11:47 AM.
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Default Re: S Corp, LLC or C-Corp

Quote:
Originally Posted by mizzle View Post
No paypal ask you for contact information and that's where the require your SSN. I tried this method, got a EIN, Po Box, Phone.. whole 9 yards and when its time to add the bank info they want the contact info to match, and you can't input the business info, in that field. So its not as simple as just going to get a Ein from my experience.

Your account is not healthy and the error you are running into is NOT fixable with the EIN

EINs are NOT a band-aid to fix limited or otherwise problematic accounts asking for ID!

EINs ARE for accounts that approach the 200/$20,000 IRS limits and receive the request to input tax reporting information. Your account would be already healthy at this point.

just be sure to have the EIN ready at least two weeks prior to allow your registration to update in IRS records
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Old 05-12-2015
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Default Re: S Corp, LLC or C-Corp

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Originally Posted by pr0wake View Post
Your account is not healthy and the error you are running into is NOT fixable with the EIN

EINs are NOT a band-aid to fix limited or otherwise problematic accounts asking for ID!

EINs ARE for accounts that approach the 200/$20,000 IRS limits and receive the request to input tax reporting information. Your account would be already healthy at this point.

just be sure to have the EIN ready at least two weeks prior to allow your registration to update in IRS records

Ok i started it out as a business, so i basically burned all the business info huh?
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