Help with second business account...

[laycismom]

I have had a business account for many years with my bow business. I recently started another business so I opened a separate paypal business account. It won't let me finish the setup because it wants to link a credit or debit card to my account.  I don't have one to link.

Here is what is going on with my bank account. I opened my business checking account with my social security number, however, I didn't realize that I originally used an EIN for tax purposes with my first business. When I requested my EIN information from the IRS (I guess I got an EIN about 12 years ago and forgot) they sent me paperwork showing that it is linked to my original business.

In order for me to open another account with my bank I need to show that my new business in linked to this EIN. I have no idea what I am doing and I'm afraid I am going to get into some trouble at tax time. I am just trying to keep my business financially separate...anyone have any advice?

[Quandary]

Are you running both businesses separate or under the same name ??   If you have two businesses under the same name - for example John's Shoes and Sam's Cupcakes are two different businesses but, can both be under Acme Enterprises.  In an example such as this, you really only need 1 PayPal business account.  You can separate the two by having 2 different email addresses.  PayPal allows you to have 8 email addresses linked and confirmed, each capable of receiving funds - this allows you to manage 8 different businesses or websites.

If you businesses are totally independent - from PayPals policies, you will need two bank accounts, two credit cards and two EINs.

There's one other option - it's called a parent child setup - you need to contact PayPal Business support to get this setup - there's a number on this page you can call for additional info.

[laycismom]

Thank you for responding so quickly. I reallly appreciate it. 🙂

I do want to keep them financially independent of each other so I guess I will be applying for another EIN. You helped me a lot. I had no idea I could have two EINs.

Thanks!

Tamara

[Whac-A-Mole]

the problem with using different email addresses under one paypal account is that you have only 1 balance,there is no separate balance per email address/