Llc question

[ILOVETOSHOP95]

I have read eBay Stealth. Obtaining an LLC and then an EIN seem to be my best option. Since filing for an LLC will be expensive, I want to be sure I am doing it the right way.

Do I use my valid address and information for the LLC? My home address is already linked to a limited paypal account. Will paypal be able to see the address and the information that is on my LLC or EIN that I will provide?

Thanks!

[KingRay]

Originally Posted by ILOVETOSHOP95

I have read eBay Stealth. Obtaining an LLC and then an EIN seem to be my best option. Since filing for an LLC will be expensive, I want to be sure I am doing it the right way.

Do I use my valid address and information for the LLC? My home address is already linked to a limited paypal account. Will paypal be able to see the address and the information that is on my LLC or EIN that I will provide?

Thanks!

Didnt I see a similar post already???

You have to use your real identity for the LLC and EIN but the address and information like that you can use what every you want. however you need to be able to get mail from that address. The IRS will be sending you paperwork on occasion at the beginning especially.

As posted in the other post of yours. Paypal cannot see the info according to posters on here that have done this in the past.

I personally would skip the LLC and just go with the EIN. it only takes about 5 min. online. Then you get it in the mail about a week later. I think there was an option to print it out online. You can use it immediately as well.

[ILOVETOSHOP95]

Thanks for that info.

So, should I use my real address for the EIN and my real phone number? Even those both are linked to limited paypal account?

Should I put my real info on my EIN and different info for paypal?


Also, as far as taxes and auditing go .. will an EIN make me more likely to get audited?

[Sell4more2]

Stop asking stupid questions! You are dealing with the government, use your real info or get locked up for rest of your life! Easy as that.

p.S. Paypal does not see the info associate with the EIN "unless they call up the IRS and ask but that is not likely as they are lazy!

p.s.s. If you try using a new EIN created it will not pass the system!

[planes]

Originally Posted by Sell4more2

Stop asking stupid questions! You are dealing with the government, use your real info or get locked up for rest of your life! Easy as that.

p.S. Paypal does not see the info associate with the EIN "unless they call up the IRS and ask but that is not likely as they are lazy!

p.s.s. If you try using a new EIN created it will not pass the system!

Those aren't stupid questions.

Never lie to the government. They can pound you to dust.

You are allowed to change the name of a business under the EIN without any documentation. So one day you can call yourself "billybob antsmith's" And the next day, "JoJoBean toilette paper co."

The benefit of that is you don't have to get a new EIN. But the negative is that if you kill that EIN on eBay, you would have to tell the Government that you forgot the EIN number or just apply for a new one and hope they do give you a different one.

ANd that is a white lie to the GOV. Which violates that first point. But it s a small lie and they probably won't care.

[Sell4more2]

That's what I meant, Don't lie to the government! You can use stealth info to build ebay

and paypal account but you cant use stealth info to obtain an EIN.

[KingRay]

Originally Posted by Sell4more2

Stop asking stupid questions! You are dealing with the government, use your real info or get locked up for rest of your life! Easy as that.

p.S. Paypal does not see the info associate with the EIN "unless they call up the IRS and ask but that is not likely as they are lazy!

p.s.s. If you try using a new EIN created it will not pass the system!

Why do you say a new EIN wont pass the system?? Just curious as to what you mean.

[Gamefreak]

When I signed up for my EIN the application said 1 EIN per business. So you can have multiple.

[KingRay]

Originally Posted by Gamefreak

When I signed up for my EIN the application said 1 EIN per business. So you can have multiple.

Make a new business name for the new one. I hope you arent just pumping EIN's out like paypal accounts.

The IRS will screw you so bad if you dont have your books straight. You will need to report everything to the dollar on these so I hope you are taking it seriously.

I feel that people are going to think they can just file for these wholesale and later find out the mess they got themselves into.

the IRS is no joke. Getting multiple EIN's will come back to haunt you I can almost assure you of that.

You can do it but you better have your books straight and prepare for a mess of a tax return if you are only used to filing simple forms. Just an FYI people

[ILOVETOSHOP95]

I have sold on ebay for years. My paypal was just shut down. I woud like to file for LLC and obtain the EIN so I can use this to sell on ebay for years. I just don't want to go through the hassle and expense if this won't allow me to sell on ebay and accept paypal. Anyone have any thoughts or suggestions?

It looks like I have to do a lot of research to what an EIN even is.

[KingRay]

Originally Posted by ILOVETOSHOP95

I have sold on ebay for years. My paypal was just shut down. I woud like to file for LLC and obtain the EIN so I can use this to sell on ebay for years. I just don't want to go through the hassle and expense if this won't allow me to sell on ebay and accept paypal. Anyone have any thoughts or suggestions?

It looks like I have to do a lot of research to what an EIN even is.

Just do some research on your local .gov website and the EIN will be explained in full detail.

as for the LLC, I found that legal zoom had way more information than anyone else. Also the cheapest way to go about it.

I could explain this all for you but its easier just to go research it yourself. This post would be waaaaaay too long. lol..