If I get EIN would that satisfy paypal business account??

[KingRay]

I am currently using the regular premiere account on paypal with a stealth ebay account. all is great.

I am closing in on the 20k mark for paypal to start asking about an SSN.
I dont want any income on this associated with my SSN right now as I need to make sure any income is listed on a business instead.

I am wondering which would be the best to do here.

1. Continue to use ebay and abandon the paypal account for personal use in the future only. replace the account I have now with paypal with a Business account under either an LLC or simply DBA but with an EIN on them instead of a SSN. I am not the only person that owns the business and simply putting one of our SSN's on there would be dumb as is would affect their personal taxes instead of a business tax return.

2. Keep the ebay account, and just upgrade the premier paypal account to a business account and give them the EIN number I will get for it.

3. Completely abandon ebay and paypal and simply start a new legit ebay and paypal Business account under an LLC or DBA with the EIN attached.? If I do this do I really need to mess with the IP address changes and issues like that since nothing is really suspended or anything like that? Couldnt I just completely abandon it and maybe just use it for personal things like buying a new pair of shoes and BS like that on occasion.?


I have dont this for a hobby for a long time and now feel with some financial help I can get from a couple family partners that I need to make this a legit business now.

However, Neither of us want any of this to be intertwined with our SSN's as it would be a mess tax time trying to figure out what income should be on whos taxes. Me personally dont want my information on it since I have old suspended linked accounts that will cause havoc. As I understand it the LLC makes it to where you basically are starting new credit under a business name that is legally separated from any personal information.

Does anyone out there know about paypal and how they deal with the EIN numbers on an LLC or DBA business account?

I know many have their opinions and think they know how it works but I need to hear from someone that knows what they are really going to ask for or someone that actually opened a paypal business account with only an EIN instead of a personal SSN.

Thanks guys.

[nak]

Im going to the the llc thing too. Called both paypal and ebay and they told me that if you use paypal you need to open a business acount and you can put in the ein number so you wont need the ss number. also you have to put thename of someone in the llc so they can contact if they have too. Also you need to put the address and bank acount info. But as far as they told me no ss number will be needed. As far as ebay its alittle diffrent. They need a real persons name that will be managing the ebay account. but you canlink up the llc payapl with it they told me and also you will want topen an ebay store once u get up andrunning. But the downside is it is a new acount so you will have restrictions and you will also have to at some point have the pesron on the ebay account fax in their id info so have that in mind. I fim wrong please correct me but thats what igot after talking to both ebay and paypal on the phone.

sweet jeebus: I promise to proof read my posts in future

[KingRay]

Thanks for the information. Now I just need to figure out what names to use.

I would almost bet I can just use the ebay account I have and just do the new business account with paypal.

do youthink I can just upgrade my existing paypal with the ein and be good. Just leave the name and information thats on there? I wonder....

Propbably just be easier to open a new one and link it to my ebay account that I have.

Thanks

[GreenBean]

@nak
nextpost umake likethatisbeing deltedbecause itwastoodifficlt toreadeasily

[nak]

Sorry i was using my ipad to type it my bad

[GreenBean]

LOL! I guessed that.

Woke me up

[jman33]

This is good to know, but can Ebay/Paypal find out who the LLC is registered to if you put a friend as the contact information? I just don't want to create an LLC, put the ebay account in a friend's name, then have ebay look into the LLC and find my name linked to it.

[KingRay]

I am pretty sure you just put the official business name in the information and the ein number. an llc should have NOTHING do do legally with an individual.

you ever see those things that say they can fix your credit? one of the ways they help you is they get you to form an llc or similar business and it makes it to where you get a fresh credit rating like you had when you were just out of high school. YOu have to build credit with your llc business from scratch. nothing from your personal past can interfer with it. The whole idea of an llc is to completely free you personally of your business burdens and vice versa.

I will keep posting on here as I learn more about how to deal with paypal on this.

[newtools]

the new rage in building personal and business credit is: Ucc-1 filings.

It a way for adding debt though pubic records it's been around fora long time.

[ILOVETOSHOP95]

Can paypal check into the info that you provide when opening an Llc and ein?

[rsot]

UCC-1 filings eh? Go on =) /learn mode

[KingRay]

Originally Posted by ILOVETOSHOP95

Can paypal check into the info that you provide when opening an Llc and ein?

This has been talked about a lot on recent postings. So far the people that have tried this say NO they cannot see anthhing but the EIN. Until someone posts their experience saying otherwise you are good to go.

I however would only post if they ask. I upgraded to a business account a couple weeks ago and have already hit about 30k and still no email asking for a SSN or EIN. Not sure why though But I do have the EIN ready with my real name on it(you have to though).

[rambling]

Can you use EIN for more than 1 PPal account?

[KingRay]

Originally Posted by rambling

Can you use EIN for more than 1 PPal account?

Its no different than using your ssn.