Our reunion committee wants to use PayPal to collect money for tickets to our 30th reunion. We set up our EIN with "for banking purposes only" checked with the IRS under the category of "Social or Savings Club". We understand that we won't be paying taxes because our receipts will be less than $20,000.
We were also able to provide the EIN to set up our bank account with the same information. It wasn't a problem.
PayPal doesn't allow us to choose a business entity that is a club or association. We understand that we don't need to go to the time and expense to file as a 501(c) organization because of our low periodic receipts. So, we really aren't a 501(c) non-profit either and we aren't looking to get the reduced fees for a non-profit.
How do I set up this organization on PayPal? Which type of business entity do I use?
Thanks!
