what's the deal with EIN's?

[blockhead]

"ein" is too short of a search term...


I know very little about operating/owning a small business.

So first you need a DBA or LLC registered, correct?

Then you can obtain an EIN?

And all the information registered with EIN (mailing address, etc) must match your PP acct for PP to be ok with it?

Do I have it right so far?

THanks everybody, you guys are great.

[animekings99]

yes everything must match address city zip first and last name.

[fox20c]

Here is a helpful link, once you are ready to get one.

How to Apply for an EIN

[markflood]

One thing is, the "address" don't have to match with paypal address with ein address it registered with, they only match, your name (if personal account) or (business account) business name with ein.

[jeffweico]

There seems to be confusion here...

You MUST give your REAL information to the IRS.

However, when you submit your EIN to Amazon, PayPal, or anyone else, the IRS will ONLY VERIFY THAT THE BUSINESS NAME MATCHES THE EIN. They return an answer of "match" or "no match". That is all.

The IRS does not correct information they are given, they do NOT verify addresses and they do NOT give out any information about you.

In the case of a DBA, the name verified would be YOUR NAME. In the case of a partnership, corporation or LLC, the name verified would be the BUSINESS NAME.

The reason that most people use LLC's is because they are the easiest in terms of paperwork and filing requirements. But what is best for you personally depends on your individual circumstances. I recommend that you contact a tax professional for advice on setting it up properly. It costs a few bucks, but it could save you money down the road in terms of taxes.