A couple of questions before I start stealthing

Jenjen1018 · #1 05-19-2014

I just read the Stealth Book and most everything makes sense except I'm a little stumped on the part about creating an llc. Do I have to? In my state, it costs $300!
Is the only other option a dba?
Can I just open a bank account under my real name? I read somewhere that eBay and paypal only look at the account numbers and not the names? Is an llc just the ideal way to do it, but not required?

pokerpro · #2 05-20-2014

Yes, you pretty much have to open a bank account in your real name....that is no problem hooking that to a paypal account that is a stealth name.

GreenBean · #3 05-20-2014

Bank accounts are always opened with your real ID ( and name).

What are your plans for selling on ebay?

There are options thatr will not cost $300.

Jenjen1018 · #4 05-20-2014

Ok yay! That LLC thing was holding me back.
As far as my plans for selling on Ebay: I used to sell electronics and mainly cell phones. I would like to ease back into that. Would I need another DBA for elling on Ebay or can I just use a made up name? I had a DBA for my old account, but it's shut down now.

Thanks!

Artann · #5 05-20-2014

No way around LLc or DBA. When eB asks for SSN or EIN you have to put up!

Jenjen1018 · #6 05-20-2014

ok so i do need an llc or dba but not for bank account, just ebay itself, right?

GoteBay · #7 05-20-2014

For LLC or DBA, depends on the volume you are selling. It may take more than 4 months of active selling before you get prompted for Tax verification ID.

padawan · #8 05-20-2014

I am new like JenJen, and just started reading the book. I had the same question. But in addition, I was also wondering about the annual franchise taxes for LLCs and other fees associated with an LLC.

I have created at least 30 LLCs for work (non-eBay related) -- and aside from the cost of creating the LLC, we pay franchise taxes ($800/annually in California and $250/annually in Delaware) and an annual fee of $170-$300 per LLC to our registered agents. I assume there is no way around this for LLCs, correct? So every stealth account created --- we incur these additional costs?

Sorry to jump in this thread with my own questions. I thought it might be related.

rsot · #9 05-21-2014

If the bank account accepts deposits in stealth names, you will be fine OP