paypal limited due to 20,000 limit help

[mike7860]

Friends,
Need help. Please please help me. I have paypal limited my account due to the 20000 limit. I am planing to upgrade my account to business.
Any please share you thaughts as to how to open the business account with paypal? I have got the ein number from irs. What else do I need to do?? Is it enought or do I need any speical account. also anyone who has opened the business account recently please help me. I started upgrading but got scared as I was not very confident what options should I pick. Please let me know what kind of options should I choose. It took me one year to establish this account. I just dont want to loose this account.
Please help me.
Thannks

[GreenBean]

Explain further about paypal limiting the account at $20,000.

Have you had notice from them?

[KingRay]

If it is saying that to you then log in there should be a block that opens up saying you have to submit your SSN or your business TIN (EIN). Just follow what they want from you and make sure everything matches to what you gave the IRS for the info they requested. Cant be too difficult since doing the EIN is not really that stealthy anyway.

Took me about 2 minutes. then done. it will ask what the business name is, when it started, things like that. Just have the correct answers. You cant write down it started last tuesday when they already have you down for 20K in sales. YOu need to put the start date back at Jan 1 2011. Otherwise it might bite you.

[Freddyp24]

Paypal is asking me for my TAX ID number because I've done $20,000 gross in a year. What should I do? I have a stealth account btw.

[SUVE]

I am wonderig did it not occur to you BEFORE reaching the $20,000 boundary to get this in order ???

The answers to your questions are on the forum.

[nak]

Just get an ein its easy and free and solves all ur problems. Four of my accounts have them each one is diffrent but u can have as many as u want. Just go to the irs website and fill out forms online

[Freddyp24]

@SUVE No it didn't. I was ignorant to the fact that this would happen.

@nak so I would just get an ein with my personal info then give it to my stealth paypal account?

[Freddyp24]

^^someone please answer my last question?

[slapped]

Originally Posted by nak

Just get an ein its easy and free and solves all ur problems. Four of my accounts have them each one is diffrent but u can have as many as u want. Just go to the irs website and fill out forms online

Didn't you Read this??? What more do you want then that????,,,NAK (Good Job By the Way) Spelled it out for you,,,If you do NOT understand what that says I suggest that you find another way to pay your bills,,,Maybe the Gas Station is Hiring

[allornothing]

Originally Posted by nak

Just get an ein its easy and free and solves all ur problems. Four of my accounts have them each one is diffrent but u can have as many as u want. Just go to the irs website and fill out forms online

4 of your accounts have EIN's? A personal EIN is free but you can only have one per SS. how did you get four for free?

[norma]

Originally Posted by allornothing

4 of your accounts have EIN's? A personal EIN is free but you can only have one per SS. how did you get four for free?

Apply for an Employer Identification Number (EIN) Online

link to IRS requirements for EIN

[slapped]

Originally Posted by allornothing

4 of your accounts have EIN's? A personal EIN is free but you can only have one per SS. how did you get four for free?

Who told you That,,,That is ABSOLUTLY Inncorrect,,,Please do NOT spread inaccurate information on the Forum,,,Following BAD advice is how many other innocent users get into trouble,,,,If you do not know what you are talking about,,,,,do NOT Post a reply

[newjerseymax]

Originally Posted by slapped

Who told you That,,,That is ABSOLUTLY Inncorrect,,,Please do NOT spread inaccurate information on the Forum,,,Following BAD advice is how many other innocent users get into trouble,,,,If you do not know what you are talking about,,,,,do NOT Post a reply

There must be something missing here. I applied for EIN long time ago and all was good. Went and applied again and was told to call. When called they said only one EIN per business. Maybe Sole Proprietor? So I am assuming this might have been the issue is using same business info? Dont jump my bones, just passing on what I was told also. Now I have LLC so that is not a problem anymore. However there is something that causes you to get only one. Again I am not so good with this so I have help. But trying to learn....

[KingRay]

If you dont have a tax advisor you are waaaay in the dark here.

I know you guys dont want to hear it but you are going to completely hose yourself come tax time next year.

You can argue all day long on here about how you dont think so but I would love to talk to you around tax time when you are posting on here about how stressed out you are when filing. lol

Good luck though.

And the folks that say you can easily do that. Yeah you can get them but if you havent sought good advice legally AND Professionally, then it WILL be hell on you when taxes roll around. How by the way are you handling your tax payments on each EIN this year so far? Your reply to that alone will tell how much you dont know.

Getting more than one EIN is telling the IRS that you are indeed running completely different businesses and will be keeping them separate. You just having different Ebay ID's is NOT what I mean.

Not going to argue with you but that quick fix you did to get selling on multiple accounts will be a nightmare, trust me. Not just stating BS that I feel is going to happen.

I have seen this exact scenario BURY Businesses a couple of times now personally.

There is even this exact scenario played out in business schools on what NOT to do. lol..

Dont listen to me though, Im just another Post that will be skipped through with no details being read.

Take care.

Originally Posted by nak

Just get an ein its easy and free and solves all ur problems. Four of my accounts have them each one is diffrent but u can have as many as u want. Just go to the irs website and fill out forms online

[slapped]

Originally Posted by newjerseymax

There must be something missing here. I applied for EIN long time ago and all was good. Went and applied again and was told to call. When called they said only one EIN per business. Maybe Sole Proprietor? So I am assuming this might have been the issue is using same business info? Dont jump my bones, just passing on what I was told also. Now I have LLC so that is not a problem anymore. However there is something that causes you to get only one. Again I am not so good with this so I have help. But trying to learn....

Sometimes they do ask you to call, I have had that happen. They Just want to verify that is is a Legit request, they ask a Few simple questions and then they give you the EIN without a Problem, even more than one if you ask them.

Getting an EIN Has NEVER Been a Problem,,,Knowing what to do with it once you get it,,,is

You MUST Bbe VERY careful as to how to structure them Properly so that you avoid complications. As Kingray posts above talk to a GOOD accountant, to help you set it up.

Having Ebay, Paypal or Amazon giving you a Hard time is a Pain, but Uncle Sam can QUICKLY put you in a WORLD of Hurt,,,

[rsot]

Hail Mary shots.

[Sandy D]

3 of the best post I have read on this forum in a long time.