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Old 09-19-2015
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Default Getting sole proprietorship EIN directly from IRS.gov for paypal?

It seems you can apply for an EIN directly from the IRS website, and they seem to give a choice between sole proprietorship, LLC and corporations. See application link below...

Apply for an Employer Identification Number (EIN) Online

Would a sole proprietor EIN work well with PayPal? Could PayPal find out the name and associated SSN on the EIN?

It seems like there is an advantage to a sole proprietor EIN since it doesn't have the same regulations, paperwork and costs as an LLC. Only downside is that it doesn't have the same legal protections that an LLC "supposedly" has, but it turns out you only really have those legal protections if you have a multimember LLC and that's assuming that your other members aren't proven in court to be "sham members".

Is there any particular disadvantage to a sole proprietorship EIN?
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Old 09-19-2015
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Default Re: Getting sole proprietorship EIN directly from IRS.gov for paypal?

NO IT WILL NOT WORK

LLC or Corp, otherwise your identity will get linked

let the EIN age at least 2 weeks before adding to paypal then let your CPA handle the taxes. Thats it

cheers
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Old 09-21-2015
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Default Re: Getting sole proprietorship EIN directly from IRS.gov for paypal?

Quote:
Originally Posted by ebayerOG View Post
NO IT WILL NOT WORK

LLC or Corp, otherwise your identity will get linked

let the EIN age at least 2 weeks before adding to paypal then let your CPA handle the taxes. Thats it

cheers
Do I need to pay for LLC registration every month or yearly for the registration itself.? I've seen some said its costly to have LLC.
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