Changing From Sole Proprietorship To Corporate

[sbalphasite]

I have changed from a sole proprietorship to a corporation. How do I change it in PayPal?

When I try to change the account type, I can only select Individual and Sole Proprietorship.

[sketcher]

After spending time on the phone with PayPal:
You cannot have a PayPal account in the name of a corporation. I know. Sounds ridiculous to me, too. But that's what they say. The Owner of a PayPal account MUST be an individual - you can state your business name in the "Business" (which will go on the invoices) but your 1099-K will go to your social security number.

I'm still trying to figure this out. It's bizarre that  they will not file the 1099-K in the name of my corporation's EIN

[PayPal_JonK]

Hello @sketcher, @sbalphasite,

Welcome to the PayPal Community! I'm sorry to hear there's some confusion about updating your business type. You can update your business type from Individual to Sole Proprietorship, Corporation, etc. However, your account does indeed need to be registered to one specific individual, and then you can have it reported under the relevant business tax information. 

After you login, you can hover over your name in the upper right corner, then click "Account Settings". After that, click "Business Information", and then "Update". From there, click "Edit" next to your Business Info, then choose the proper Business Type from the "Business Type" drop-down menu. 

Also, here's a great Help Center article on How will PayPal use my TIN?

I hope that clears things up!

 - Jon K

[sketcher]

Well, yes and no. I'm getting closer. The problem is that PayPal has my SSN which it has used for years. I successfully added the EIN, but it is not the "default" I waiting to hear back from PayPal to see if they can use the EIN going forward. Seems they have to do some wrangling to get that to happen.

Thank you.