EIN question

kpizzl · #1 09-09-2011

I have been searching on here to find out if I can use my sole proprietor number on a stealth acct, well family members account as I dont do ⊗⊗⊗⊗ info. It is just not worth it imo. Anyway, one of my accounts is TR and I would like to legitimize the account and not have to worry about staying under 20k. I want to pay the taxes and build a strong account like I was in the past making 10k a month but I got greedy,wanted more and that account has since expired through my own mistakes along with a couple fly by night companies who didn't want me selling their product.

I haven't seen any feedback on whether or not people here have used their real EIN numbers on a stealth account. I saw that some have submitted EIN numbers but nothing as to how that worked out for them. Funny thing is my real name ebay acct got suspended but my paypal is fine. So,I'm thinking about submitting my real EIN to paypal under my family members name and address. Will they suspend the account because the paypal address doesn't match EIN address or name? It is a strong account and don't want to lose it but really wanna go legit

KingRay · #2 09-09-2011

.

I have actually post this info many times on these forums.

You have to use your real name and SSN and create an business name you will be using for the EIN. It need to be a name you can use on bank accounts, loans in the future, etc. Dont BS with names, use a good name.

Go to PP and post the EIN when they ask. They will require you to upgrade to a business account at that time. you have to put the exact business name in the form as well as start date of your business(needs to match IRS start date you gave)

as said many times paypal doesnt see your real name but only the business name and EIN. They have no reason to need anything else. they are only getting this info because the IRS is forcing them to.

when people start abusing it which will probably be soon, they might start requesting more info and using the EIN and Business name to ID you.

At this time they do not.
If you want full stealth then EIN is not for you.

again from another of my posts, the use of the EIN is in simple terms a kind of 2nd change to use your real info and be legit. You have a banned SSN so you get an EIN and its not.

You only have to realize that there is so much more to being a business than throwing stuff online to sell it and collecting money. I am not going to type all that crap in here again but just search on here and you will see all my info on what all in really involved with this stuff, tax payments, etc.

If it were me I wouldnt do anything until I talked to a professional. And not the local HR block folks either.

GreenBean · #3 09-09-2011

King Ray has gone out of his way to help users talking about the same topic as yours.

Where you get the 'I dont see anything' from might be if you were looking in the incorrect section.

It is documented here what to do.

http://www.aspkin.com/forums/paypal-...le-2012-a.html

thread from yesterday that gives info.

Bottom line is careful consulation with a tax expert. Forum is not a tax forum .

kpizzl · #4 09-09-2011

I appreciate all the help you have provided as I have learned much valuable information here. I have known long before ebay that there is much more to a business than selling stuff online and collecting money as you stated. I was only actually an ebay seller since 2009. I have a close family lawyer/accountant who believes in my ideas and is ready and willing to be my registered agent and incorporate my businesses. Ebay is just another way to build capital as businesses have thrived long before the internet so I am moving away from the ebay box and putting my life and my families life in my hands and not some greedy corporation who doesn't care if you end up living in a dumpster or not but for now, it is what it is.

I am actually against stealth accounts as I do not like using bogus information. Any accounts I have are immediate family members who had no problem helping out because they knew how much money I was making. As much as I would like to be on here looking through threads which I do , once in a while I will ask as I just wanted to make sure I can use the EIN on a paypal account under a different name since I will be using mostly this account for future endevours with backups. Thanks for the help as I am sure you get annoyed answering the same questions you have answered before. My sincerest apologies

Sandy D · #5 09-09-2011

Yet another person using a family or friends information.

Yet you do not want to use bogus info, well you are because you are using someones elses info for your own gain. Even with their permission it is not a good thing to do because if you screw up you just cost them a good account. What if it goes down and they need it for the money later on?

I simply cannot believe that someone would put their family or friends accounts and info at risk like this.

Banging head on wall --------------------------------

KingRay · #6 09-09-2011

If you get the EIN in their name as you said the tax liability would be on them. You cant do that. IF your friend say you can then talk to someone else. That is actually illegal as hell.

GreenBean · #7 09-09-2011

Law graduates now as well as tax professionals? Well I never.

If the OP has made arrangements with his family AND has professional advice then that is his choice.

Far enough bring it to his attention any thoughts that differ.

But without knowing the intricate details, do not assume.

One for the road, any and all arrangements with other parties need to be carefully considered and professional advice sought. Such adivce should be from a tax agent or attorney.
Beyond the remit of the forum.