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socrateaser, Attorney
Category: Business Law
Satisfied Customers: 38910
Experience:  Retired (mostly)
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After looking into what's needed to be able to legally work and g

Customer Question

After looking into what's needed to be able to legally work and get paid using a stage name, here's what I've come up with: file an FFN certificate, apply for a business license, apply for an EIN, register business, open new checking account, create new paypal account, and keep good records. Is this about right or am I going overboard? A key factor to consider is that paypal may present a bit of an issue if I'm understanding their policies correctly. Forming a single-owner LLC seemed like a potential solution, but that definitely seems like overkill at this stage. Please advise?
Submitted: 2 years ago.
Category: Business Law
Expert:  socrateaser replied 2 years ago.
Hello, Actually, forming a (Subchapter S) corporation is generally the best solution, because a corporation does not have to provide employers with their employees' Social Security Number (SSN). Whereas, even as an individual, you would have to provide your SSN. An LLC can be issued a Form 1099 information return by an employer, whereas, once again, a Corporation is not subject to this requirement. And, a Subchapter S corporation passes through all of its profits to its owner(s), so you are not double taxed on profits. On balance, this makes the S corporation the best option. I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.Thanks again for using!