Have a good standing stealth account and trying to switch ownership to LLC

[Jay75]

I have a stealth paypal business account in my sister's name. The account is in good standing and has been for over a year. I started to ramp up my business on ebay a few months ago. I have past the $20,000 threshold for IRS reporting. I have all of my sister's info in the account ssn,dob,address and etc. She does not want to be responsible for filing taxes in her name from paypal. I want to form a llc to replace her and provide the ein instead of her ssn. My question is if I form the llc in Wyoming under my name and provide the EIN into paypal for tax reporting, will my sister's name and info be reported by paypal? In other words, how can I get her name and info off the tax reporting and just have the llc info with her not having to file taxes with the paypal info? Thanks.

I just want to say this forum and the community is great. I have signed up yesterday and bought the Stealth Book. This is a gold mine of information and support. Thanks.

[Jay75]

nevermind figured it out.

[caravan]

Hey Jay I want to know how you did it care to enlighten me? Thank you so much

[chewie]

Originally Posted by Jay75

nevermind figured it out.

how did you figure it out? sorry new to this too.. thank you

[ManaKill]

IncParadise.net is a good one I use a lot. They are a "Registered Agent" service that will file your Incorporation documents with the state - Any state you want - all 100% legal and pretty cheap. I recommend WY at the moment - and an INC not LLC - and elect an S Corp. Around $450 for a WY INC with all the bells and whistles.

They can even do the S Corp election and EIN paperwork for you, you just sign the papers. Also offer mail forwarding - to keep your real address Stealth(not necessarly needed)

Do taxes and payroll with QuickBooks accounting software and it's all pretty painless and not as bad as you'd think. Lots to learn though so put on your business hat!