GreenBean | 11-04-2011 03:04 AM | Quote:
Originally Posted by renzini
(Post 283846)
I have couple questions
1st. If I open a business for a stealth PP that is requesting social or EIN. Address on my new business has to be my real or the address on PP? | address should exist and be that of your business. See comment below*** Quote:
2nd. Company name has to be similar as the registered name on eBay and PP? Example: name Michael Jackson registered name and phoneUSA eBay ID what will be a good name for my new business LLC or Corp?
| Ideally the name must now be the same for future compliance with IRS requests. Quote:
3rd. PayPal will send the IRS form for the taxes to what address? The address registered on PP? What if this address is not real?
| Notice goes to address on file with paypal. ***NOT a wise business practise to have a non-existent address. Where's your contingency for returns? In real life, businesses have real address, so should you.*** Quote:
4th. If I don't pass 20000 PP will send me any form to pay taxes?
| More than likely. Part of the info suggests it is 200 transactions or the $20,000. At this pont you should be STRONGLY considering speaking to a tax professional. Quote:
5th. Can I open different companies for every PP that requires social or EIN?
| You can. But as this is a specialized field & beyond the scope of the forum, you should be looking to having professional tax advise. Quote:
I'm testing my first one and seems to be ok, but I'm still receiving emails from PP to add the social or EIN to others of my stealth accounts.
| Then dont be fooled that everything will continue to go well. Daily more reports of different requests from paypal are coming to the forum.
Below is a thread that first introduced the topic. My point is that this has been known to those undertaking ecommerce since 2009. The tenet of this forum is not for tax & its finest nuances. We can merely point you towards seeking professional advice. We do this to prevent any errors that may damage a person's tax obligations. http://www.aspkin.com/forums/paypal-...-usa-only.html
Remember you are earning money, you pay taxes. Because of its complications, you need professional guidance. A professional will steer you in the correct direction as to the method of creating companies. |