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Old 04-07-2015, 02:37 PM
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Sole prop online business question

Hello I am wanting to start an online business selling on eBay and Amazon. I have an LLC business currently with a partner but want to keep my new business separate. I only wish to do a sole prop with dba for my online business. Is this ok to do this way? Can I have a new EIN number for this new dba business? I'd like to keep from using my ss#. On ebay i will have two accounts for buying and selling with different screennames but both will be tied to the same paypal business account and the business paypal account will have the same name as my dba name. Is this ok? Confused. Thank you for any and all advice.



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Old 04-07-2015, 06:34 PM
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Originally Posted by Kacey View Post
Hello I am wanting to start an online business selling on eBay and Amazon. I have an LLC business currently with a partner but want to keep my new business separate. I only wish to do a sole prop with dba for my online business. Is this ok to do this way? Can I have a new EIN number for this new dba business? I'd like to keep from using my ss#. On ebay i will have two accounts for buying and selling with different screennames but both will be tied to the same paypal business account and the business paypal account will have the same name as my dba name. Is this ok? Confused. Thank you for any and all advice.
Hello I am wanting to start an online business selling on eBay and Amazon. I have an LLC business currently with a partner but want to keep my new business separate. I only wish to do a sole prop with dba for my online business. Is this ok to do this way?======>>>>>>>>>you can keep your new biz separate from your MMLLC; then, you need to file Sch C/SE for your sole proprietorship.

Can I have a new EIN number for this new dba business?=========>>>>>>>>>>yes if you want. you need your EIN to open your bank biz acct.Your MMLLC needs an EIN.or when your partnership is taken over by one of the partners and is operated as a sole proprietorship , then you need an EIN.

I'd like to keep from using my ss#.====>>>>>>>>> the use of your SSn# for sole proprietor is the norm for self employers , but you need your ein for biz bank acct.

On ebay i will have two accounts for buying and selling with different screennames but both will be tied to the same paypal business account and the business paypal account will have the same name as my dba name. Is this ok? =========>>I guess it is OK; there are many reasons why users would choose to have more than one eBay account. Some users who like to buy and sell may want separate accounts for each activity. Other users who maintain businesses on eBay may prefer to manage separate accounts for different product lines.

Whether you have one account or more, you need to manage each of your accounts effectively in order to meet the highest buyer and seller standards..



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Old 04-07-2015, 07:53 PM
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Thank you for quick response. Was wanting two ebay accounts to have one solely for buying and the other strictly for selling. I win auctions for the items and then resell them at buy it now prices for profit. Having two will keep buyers from seeing what I paid for the item on my feedback page if that makes sense. I guess its ok that my ebay seller account screenname is not the same as the dba name Im wanting to file since both accounts are linked together on my paypal. The ebay buyer account will be the same name as my dba though. Sorry may be a stupid question and not familiar with abbr. but does SCH C/SE stand for schedule C Self Employment? I have an accountant that does my llc and my partner keeps track of the books for our llc. Unfortunately I dont know much about taxes/bookkeeping. Trying to learn though to keep my head above water. I asked my accountant about the dba and although Im very happy with the work he does for our llc he didnt really give me the answer I was looking for. He seemed to think that as long as I paid for a name through a trademark site that I could start selling without a dba. Did not seem right to me.



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Old 04-08-2015, 01:30 AM
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Originally Posted by Kacey View Post
Thank you for quick response. Was wanting two ebay accounts to have one solely for buying and the other strictly for selling. I win auctions for the items and then resell them at buy it now prices for profit. Having two will keep buyers from seeing what I paid for the item on my feedback page if that makes sense. I guess its ok that my ebay seller account screenname is not the same as the dba name Im wanting to file since both accounts are linked together on my paypal. The ebay buyer account will be the same name as my dba though. Sorry may be a stupid question and not familiar with abbr. but does SCH C/SE stand for schedule C Self Employment? I have an accountant that does my llc and my partner keeps track of the books for our llc. Unfortunately I dont know much about taxes/bookkeeping. Trying to learn though to keep my head above water. I asked my accountant about the dba and although Im very happy with the work he does for our llc he didnt really give me the answer I was looking for. He seemed to think that as long as I paid for a name through a trademark site that I could start selling without a dba. Did not seem right to me.
There are many self employers preparing their own bookkeeping and they bring them for tax returns. Most of the bookkeeping records prepared by the self employers are inaccurate ;however, no problem you may try to prepare/do your own bookkeeping to save fee that you pay to a bookkeeper/accountant every year; For day to day book keeping you should be able to do this yourself , then you can understand what your biz is and what you are doing for the biz.For example, you do not have to be a rofesssional bookkeeper but at least you need to be able to report your annual ONLY business related expenses in lines on Sch C f 1040, that is all. For example, if you have ad expenses, then you can report it on your Sch C of 1040 line 8 or so on. Vist the irs website and download Sch C of 1040 and try to figure our what each line means it is noty that difficult and u may record your biz rel;lat4d expenses in appropriate lines ONLY biz related expenses not [personal expenses ,i.e, car loan interest or home loan interest or etc. Keeping your small business accounting in-house can save you a lot of money in fees over the course of time. This is why many small biz owners who are not even good at doing their own bookkeeping, record/report /keep their own biz bookkeeping work at home and give them to their tax accountants in Apr for tax returns. Tax accts. can then go over the books and prepare biz owners’ taxes. I guess you can try now to save more money and get bookkeeping experiences. It’d be better next year and it’d be much better as time goes by as you do your own work year by year I guess. why do not you try it this year the sooner the better



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