question about EIN etc etc etc

[renzini]

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?

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?
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?
4th. If I don't pass 20000 PP will send me any form to pay taxes?
5th. Can I open different companies for every PP that requires social or EIN?

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.

Thank you

[rsot]

Have you tried to search the forums for each q? Lot of posts about it - apologies for naming names but worthy posts by KingRay, jeffweico and few others come to mind. Ample info available on other posts.

[KingRay]

I will help you out for sure but EVERY part of your questions have been answered and talked about a lot on these forums. Do some research and then get with me if you have to. Its really all out there though.

[GreenBean]

Originally Posted by renzini

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***

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.

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.***

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.

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.

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.