 Turning Stealth Accounts Into Corporations
I had an Idea I wanted to run by everyone:
Lets say you have a stealth paypal account attached to a stealth ebay account that you are quite fond of but you are rapidly approaching the dreaded EIN/SS # request from paypal.
What do you guys think of incorporating, requesting an EIN, and using that EIN to save the paypal account. I think it will appear to paypal that you were someone who starting off selling some items as a hobby and then it turned into a business. You may have to upgrade the ebay and paypal accounts to business or premier accounts.
I believe this will be perceived by paypal/ebay as legitimate since alot of businesses start off as a hobby. Also I believe that the intent of the IRS's new policy of 200 items and $20,000 policy is to weed out the businesses from the casual hobby sellers.
In most states you can incorporate for $125 online in an hour including filing for the EIN online. So I think for a TRS ebay account or just an ebay account that you are proud of it only makes sense to do this. Also I not clear on this but you may be able to use one corporation to produce multiple EIN numbers. If so, that could come in handy for several stealth accounts.
Let me know what you guys think.
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