Forum

Single member llc
 

I have opened llcs for ebay
When upgrading to business to add ein

If I choose single member llc
Give ein

Will the 1099 k get issued no problem
Despite ebay ac been under different name
Than me

From what I heard this works on Amazon so ebay
Should be the same

Re: Single member llc
 

[QUOTE=goldfish;1179657
Dispute the ebay ac been under different name
Than me[/QUOTE]

You have disputes open?

Re: Single member llc
 

No I meant despite
Like ebay ac is under stealth name but llc is
Under my real info

Re: Single member llc
 

Is this a stealth name or legit? Can it pass KYC? If not then they are going to request docs... Also you know as a single member LLC you need to file 8832 or 2553 to be taxed as a corporation. If not even though you have an EIN the IRS will view you as a disregarded entity no different then a sole prop...

Re: Single member llc
 

Are there any benefits to doing this rather than using a schedule C to pass business income to the owner's personal tax return?
Is there a lower tax rate for corps vs individuals?
Couldn't doing this open you up to being double taxed?

Sorry for being a d!ck to you the other day, btw. :ranger:

@OP - the 1099 will be in the business name and EIN but if you're using somebody else's identity to open these accounts then you're most likely going to run into trouble sooner or later.

Re: Single member llc
 

By Kyc you mean the 4 digit ssn dob thing?

Re: Single member llc
 

It’s not that much saving

With s Corp if you make 50,000 profit

You only pay social security Medicare on 25,000
So like $3,825 saving

But with converting each llc to s Corp & filling it’s own 1120s
Is a lot of time & money
With multiple llc you can just roll them together if
Same business do 1 schedule c pretty easy tax filling wise

Re: Single member llc
 

I may have to do some rearranging next year when the new rules take affect. I was barely out of being a teenager when I setup my LLC's and just did what was easy (and what jeffweico was recommending at the time if I remember correctly). I've honestly had no issues with my tax liability since my first year when profits were astronomical. :noidea:


I've enjoyed being able to lump the totals from all business together (inventory and sales wise) and do one filing. If I were using S-corps would I have to split up my inventory purchases proportionally between each corp?

Re: Single member llc
 

S-Corp Holding Company that holds your other LLCs.

You can do this NOW and be all inclusive for 2021 still.

I would be doing research now. Imagine cutting out most of your self employment taxes and only paying 20% to money you pay out to yourself and mostly when you choose.

Re: Single member llc
 

This guy gives straight forward ACCURATE information. Might be the best consult call I have ever had.

Re: Single member llc
 

Is this true?

In this case my accounts are Single member LLC's but I did use another persons SSN to open the account.

even if I file taxes as a schedule C how will I run into some trouble later on? I've been filing for the taxes and paying for it on my LLC and my own personal taxes.

And the solution for this is to turn them into S-Corps? What are the fees and the process of turning it into an S-Corp? Do I have to do this in 10 days (before 2021 ends)


Would another solution be to edit the business information and actually just put the real beneficial owner of the single member LLC which is myself when I edit it to a business account?

@phaz0rz
@yankee

Re: Single member llc
 

You need a GOOD CPA! And very fast.

Re: Single member llc
 

This was my same question as well. I have ebays under others info but the LLC and EIN are mine. I left them as the member info but is that fine to do when ebay starts releasing 1099 k's?

Re: Single member llc
 

Have you found any new information regarding this?

Wondering if the 1099k will be sent to the information you used or if it will just be issued to the LLC and EIN you put and I wonder if you can pay that with a schedule C on your own personal tax

Re: Single member llc
 

yankee's comment about finding a good CPA fast is great idea

Re: Single member llc
 

I got one.

But I'm not sure if he will understand the intricacies of stealth eB.
I will run it through him either way, but also wanted to see what everyone else here thinks since the people on this forum understand the specific situation better than my CPA would.

Re: Single member llc
 

Wait hold on I was under the impression with the Sellers on here that all we had to do was upload an Ebay account to LLC and EIN and then the SSN on the account won't get taxed but the EIN will?

Is this thread saying an S-corp is the only way to handle having someone else's ssn on the ebay account?

Re: Single member llc
 

Sounds like you might need a better one..... if they dont understand your business, they are not going to be very good. There is many CPA that specifically help RESELLERS, that is what we are called. I would guess 90+ % of CPAs wont be able to understand it.

Re: Single member llc
 

I am also looking for an update on this? Can you please tell me.