registering as a corporation

[thesnotrocketeer]

I'm hoping someone with experience could provide me with some insight.

I incorporated to take this to the next level.  I just tried to switch my account from personal to business and the site wouldn't accept my EIN.

Support says I first have to verify my identity...by providing my ss#!

I incorporated specifically so I didn't need to provide that info.  And personally, I find it hard to believe all the major corporations doing business on ebay would provide that info, I mean seriously.

I'm basically done with this nonsense but just wondering if anyone has successfully registered as a business and could provide some help???

[1tuna]

when I swithched over from a personal account to a business account all I did was hit the  button

it was no big deal at all, nothing to fill out at all

[thesnotrocketeer]

when did you do this though?  pre managed payments?  did they already have your ss#?

[luckythewinner]

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@thesnotrocketeer wrote:

I find it hard to believe all the major corporations doing business on ebay would provide that info

I doubt major corporations create a personal account first and then try to convert it to a business account.

I suspect that they create a business account right from the start.

[thesnotrocketeer]

if that were the case i doubt they would even provide the option.

[fab_finds4u]

You don't  have to change your account. You can sell on a personal account.

[katzrul15]

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@thesnotrocketeer wrote:

I'm hoping someone with experience could provide me with some insight.

I incorporated to take this to the next level.  I just tried to switch my account from personal to business and the site wouldn't accept my EIN.

Support says I first have to verify my identity...by providing my ss#!

I incorporated specifically so I didn't need to provide that info.  And personally, I find it hard to believe all the major corporations doing business on ebay would provide that info, I mean seriously.

I'm basically done with this nonsense but just wondering if anyone has successfully registered as a business and could provide some help???

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@thesnotrocketeer 

Had you already verified your SSN for your personal account?  If no, you will need to do that before the change.

[thesnotrocketeer]

Doing it for tax purposes.  

[redmodelt]

Start a new account. Feedback on this one is from over a year ago anyway so might be irrelevant to any current sales. Keep this one for personal use. Even if you did use this one, you still would have payout holds because you would be seen as a new seller. 

With all the slowdown in on-line buying, how much are you planning to list and hopefully sell to warrant the cost of incorporating?

Guessing there are fees?

If there are, will sales cover the cost?

Is your TIN under a business name or yours?

Don't know, but wouldn't you need a business bank account if you are selling as a corporation under that name?  Wouldn't you have to treat any money paid from the corporation to you, as income/wages with a W2 at years end because you might be seen as an employee of that corporation? I am thinking this would be a lot different than just having an eBay store. 

No, I don't know tax or corporation laws or set up, so just posting some random thinking out loud thoughts about it. 

[thesnotrocketeer]

No I haven't.  If my corporation info isn't enough I'll have to part ways.  Like I said, I can't see Nike providing ss#'s when they resell on this marketplace.  I don't understand what the point of incorporating was.

[m60driver]

Hopefully you have high enough sales to justify the expenses of maintaining a corporation.  An LLC would probably be better suited.

[redmodelt]

Nike would have had a store from the get-go.  They wouldn't be trying to convert from personal account to a business account after the fact. 

So, wouldn't you have to pay corporate taxes and then also personal income taxes anyway from the money earned/paid to you for working for your corporation? Or were you planning on not spending any of that money on personal stuff? Wouldn't any money earned by the corporation, only be used for things directly related like wages, inventory etc? 

[rfmtm]

When registering as a business, and even though the business name and EIN will be used for tax reporting, an officer of the corporation must still provide their name and SSN for verification as the authorizing agent for the corporation.

[thesnotrocketeer]

tempted to open a new account to test that statement...wouldn't be surprised in the least if it turned out to be not true

[dbfolks166mt]

     You may find little tax benefit in selling as a corporation unless you intend to leave all of the assets vested in the corporation. You will need to file taxes for the corporation as well as your own personal taxes. If you disburse funds from the corporation to yourself you are going to have to issue either a W-2 or a 1099 from the corporation to yourself.

     I have not done corporate taxes for a long time so I am not sure what the current tax rate is for a corporation and there are multiple ways a corporation can report revenues. At one time the corporate tax rate was higher than the personal income tax rate but a lot of corporations do not pay any tax simply because they disburse and invest funds, many operate at a loss for several years. They also depreciate tangible assets and have a lot more complex tax filing procedures and rules than simply filling out a schedule C.