Changing business from S-P to LLC?

[Vadim]

Hey guys I opened up an account a little while ago and have been building it up slowly.

Its a business paypal+ebay account.

I opened it as a sole proprietor and now want to make it an LLC. Any chance of doing this?

Thanks

[unkown5454]

Curious, you submit EIN yet?

And have you had to submit any personal information other than business name?

[Vadim]

I have not.

No other information.

Yesterday evening after posting this I decided to take a look in the account options. Looks like you can. So I did that, gave me an option to input the contact name for the business. Pretty simple stuff. If they do limit, you dont need any personal information from what I am aware of. Just bank statements, business registration and you can blot out any names legally.

Its the best way to be legit. I pay my taxes and this seems like a great way to open another paypal/ebay account. Just go slow.

So if they do limit and what not (when not if), I will provide a ton of documents, invoices and what not and just ask them to supply my EIN(which I already have available) and just say we do not want to provide any employees SSN. By law they cannot ask for this.

[unkown5454]

Excellent news then.

I have my EIN setup, but won't be starting the PP and EB accounts until next week. Glad to hear all is well so far. Thank you for following up.

[GrannyT]

I hope you update us on this - although I'm in the UK a lot of what you are saying could well have significance for us

[GreenBean]

Not new. If you supply company details in the UK, same level of protection

[GrannyT]

I know, but I thought I was the only one doing this. I have 3 LLC on the go at the moment and 2 T/A. I would like to convert the T/A to LC but I don't want to raise flags. I'm still 'chewing' it LOL

[Vadim]

Yeah I did a ton of searching and research and what not, this seems to be the best way to actually be legitimate. How the big boys do it