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Performing transition to EIN.
 

I have finally an account that I really like to create a long lasting solution to sell through. I have a few questions, as I would really not want to screw this up. I have tried reading through the forum, but I have not seen things set in stone as to the safest way to enter.

I obviously want to update BEFORE the warning email of adding your SSN. Do I simply create an EIN with an LLC before the state knows, or does the state have to recognize the LLC before the EIN can be produced?

Secondly, after producing an EIN, while entering it to paypal, do I need to change the name of the paypal account or the ebay account to match? (I know they cant see who owns the LLC)

Any help would be appreciates, as this account has finally panned out right to make a move to go long term with a single account.

Re: Performing transition to EIN.
 

You give P/P your EIN + business name when you upgrade, but you don't necessary have to add the business name to Paypal. I've operated a business account for over a year without adding the business name to Paypal. They don't seem to care.

About the other part, you generally file articles of incorporation with your state after you've created the EIN. I have a habit of procrastinating and waiting until right before tax time to file articles of incorporation..

Re: Performing transition to EIN.
 

Does the IRS require a deemed name with your state of the llc or just give the ein out?

Re: Performing transition to EIN.
 

Typically. you go to the IRS FIRST and get the EIN. Then you have up to 24 months to register with a state.

Re: Performing transition to EIN.
 

24 months, eh?

That's good to know, TBH. I've always been under the impression you have to have articles of incorporation filed by the time you file taxes for the first time.

Re: Performing transition to EIN.
 

Hard to file taxes for a company not yet created BUT some states allow it under a certain dollar amount such as Georgia. Not all companies need to file in Georgia if you are under a certain threshold. Maybe other states as well...

You can select up to 24 months on the IRS website when requesting the EIN.

Good option to wait to see if the account makes it.

Re: Performing transition to EIN.
 

Which address do you use when upgrading to a business account? Do you use the llc name and the real address or the stealth address? Also, I believe I ready the ein isnt in the database immediately. How long does it take to be put into the database for paypal to check against?

Re: Performing transition to EIN.
 

I've always upgraded to a business account the same day or the day after I get the EIN.

You use the address the account was created with. All that needs to be accurate is the business name + EIN.

Re: Performing transition to EIN.
 

If i want a new EIN number i goto the IRS website and open a new business?

Re: Performing transition to EIN.
 

IRS website has the info for you