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Old 09-03-2012
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Default Upgrading to business PP/ Forming LLC

I am creating an LLC and currently I have a personal PP account and want to upgrade to a business acc to add my EIN/ LLC.

But when I upgrade to a business acc it gives me these options

Individual
Sole Prop
Partnership
Cooperation
Nonprofit Org
Government Entity

Which one of these would categorize as a LLC? Cooperation? o_O
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Old 09-03-2012
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I don't think you can upgrade. A LLC is the same as our Limited Companies and is a seperate legal entity in its own right. You could not change your Paypal account from lightmaria to GrannyT for example.

Therefore you need a new Paypal account.

Might be worth keeping Paypal in the loop if its legit

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Old 09-03-2012
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Well I just tried creating a new paypal account and it asked me what was the business type and it gave me the same choices when i was upgrading.

Individual
Sole Prop
Partnership
Cooperation
Nonprofit Org
Government Entity
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Old 09-03-2012
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Maybe call up paypal on this one. I hate to say it but maybe they can tell which one to pick.

I once had the same problem. When I form my LLC this month, I am going to call PP on this one. I don't know which one to pick.
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Old 09-03-2012
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Its probably corporation. hmmm Idk I might call them
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Old 09-03-2012
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I believe an LLC can be a corp or a partnership it depends how it was setup. By default it is a corp
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Old 09-03-2012
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LM, I believe you want the LLC as either an Individual or Sole Prop - these would apply to you in this situation.
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I do know that the IRS considers a single person LLC a Sole Prop.
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Old 09-03-2012
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No it is definitely not a Sole Prop, it can only be a corporation or a partnership and if you did not specifically set it up as a partnership then i am pretty sure it goes to a corporation by default but i would definitely check with the person who set it up for you or a simple call to the irs would get you this info
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Old 09-03-2012
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Yeah I'm gonna call the IRS tomorrow. I'm pretty sure its a corp.
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Old 09-03-2012
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Yeah you should call and double check. There is actually a sole proprietor LLC, corporation and partnership. Each is very different.
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Old 09-03-2012
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Quote:
Originally Posted by Hnguyenphi1981 View Post
Yeah you should call and double check. There is actually a sole proprietor LLC, corporation and partnership. Each is very different.
PLEASE stop confusing these tax situations. There is no such thing as a sole proprietor LLC. These are 2 totally different things. A sole proprietorship leaves all liability to the owner, an LLC puts all liability to the company
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Old 09-03-2012
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Meaning that if something were to ever happen to your business and you worked as a sole prop. the IRS could seize your personal belongings but an LLC is its own entity. I'm starting to learn now, I've been reading like crazy these last few days and asking a ton of people for help.

Got some things cleared up thanks. Just needa talk my parents cpa see what he says and if he's willing to take care of quarterly taxes and I need to figure out what paperwork I need to keep.

@Hnguy: I've never heard of a sole proprietor LLC maybe a single member LLC is what you mean. Yeah but dont confuse me anymore than I already am lol
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Old 09-04-2012
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there are reasons why tax stuff isnt allowed on the forums. We are not experts and giving bad advice is worst that giving no advice at all...
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Old 09-04-2012
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Quote:
Originally Posted by Gamefreak View Post
there are reasons why tax stuff isnt allowed on the forums. We are not experts and giving bad advice is worst that giving no advice at all...
Very very much appreciated.
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