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  #1  
Old 07-29-2015
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Default Social Security # Question plus EIN Question

Ok so my previous paypal account they were hounding me for my SS# which i flat out will never give them. I chose to give them my IRS EIN # instead and went to IRS site and got one. Now as previously mentioned this EIN was obtained for my old account. I have a new Stealth account (first one) and I'm concerned that eventually the hounding for SS# will begin. Can I use the same EIN # on this new Stealth account and not be linked? If I cannot, can you obtain a new EIN # from the IRS or is it a one time # that does not change?
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Old 08-01-2015
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Default Re: Social Security # Question plus EIN Question

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Originally Posted by survivorfan1985 View Post
Ok so my previous paypal account they were hounding me for my SS# which i flat out will never give them. I chose to give them my IRS EIN # instead and went to IRS site and got one. Now as previously mentioned this EIN was obtained for my old account. I have a new Stealth account (first one) and I'm concerned that eventually the hounding for SS# will begin. Can I use the same EIN # on this new Stealth account and not be linked? If I cannot, can you obtain a new EIN # from the IRS or is it a one time # that does not change?
It's a one time number that doesn't change.. you would have to either dissolve the business and create a new one to get a new EIN or if you have a Corp you can accompany another llc or dba under that same corp.
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Old 08-01-2015
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Default Re: Social Security # Question plus EIN Question

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Originally Posted by access0ner View Post
It's a one time number that doesn't change.. you would have to either dissolve the business and create a new one to get a new EIN or if you have a Corp you can accompany another llc or dba under that same corp.
Good answer.

Having one main Corp with LLCs below them is a great strategy for people moving volume. Really good idea for raising capital as well.
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Old 08-03-2015
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Default Re: Social Security # Question plus EIN Question

How do you raise capital in that aspect? With lines of credit or actual sales?
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Old 08-03-2015
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Default Re: Social Security # Question plus EIN Question

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Originally Posted by access0ner View Post
How do you raise capital in that aspect? With lines of credit or actual sales?
The LLCs will funnel to the Corp.

Lots of transactions along with robust income allows capital to be raised much easier.
You can also get lines of credit for each LLC to.

Big real estate flippers use this technique oftentimes for the same reasons.
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Old 08-03-2015
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Default Re: Social Security # Question plus EIN Question

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How do you raise capital in that aspect? With lines of credit or actual sales?
Beg, Steal, Borrow, Sell stuff.....the usual methods.
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Old 08-03-2015
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Default Re: Social Security # Question plus EIN Question

Each individual person can have ONE EIN under their own name. But each LLC or Corporation owned by an individual can have its own EIN as well. So, if you have 10 LLC's, you can have 11 EIN's.

Each legal entity is entitled to ONE EIN. You as an individual are ONE legal entity. But each LLC or Corporation is a SEPARATE legal entity. That is how you can have multiple EIN's.
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Old 08-06-2015
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Default Re: Social Security # Question plus EIN Question

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Originally Posted by jeffweico View Post
Each individual person can have ONE EIN under their own name. But each LLC or Corporation owned by an individual can have its own EIN as well. So, if you have 10 LLC's, you can have 11 EIN's.

Each legal entity is entitled to ONE EIN. You as an individual are ONE legal entity. But each LLC or Corporation is a SEPARATE legal entity. That is how you can have multiple EIN's.
Yup, most people who run what I would consider stealth's in the US have many stealth accounts and keep them under the thresholds and spread out sales accordingly. To avoid these problems. Depending on what you sell and how much it could mean fifty to a hundred accounts to be honest

If you are trying to create another account without and Tax Id problems you are basically looking at the corporation legal entity option as mentioned above.
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Old 08-06-2015
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Default Re: Social Security # Question plus EIN Question

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Originally Posted by yankee View Post
The LLCs will funnel to the Corp.

Lots of transactions along with robust income allows capital to be raised much easier.
You can also get lines of credit for each LLC to.

Big real estate flippers use this technique oftentimes for the same reasons.
I'm curious if you qualify for a credit card through your corp and dissolve it and owe money. If you file for bankruptcy ...would that deter opening a new corp and lines of credit moving forward?

Like, in credit score terms..
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