A couple of years ago I started selling stuff on Amazon. It has now morphed into a reasonable side business that will probably generate about $5-8k in profit this year and hopefully more in the future. I am currently a sole proprietor and I file a Schedule C and just use my social security number. I am looking towards the future and potentially selling this in the next couple of years once I grow it larger. To that end I want to make the switch to an LLC and start using an EIN (I got one previously but Amazon doesn't allow sole proprietors to use an EIN). That will also allow me to open a new business bank account as I'm using an old personal account now that's just in my name.
I believe this will help add some credibility/legitimacy when talking to potential suppliers. Also, Amazon displays my name and residential address right now to anyone who clicks on my seller name. In addition I want to start getting some additional things in place like registering with the SBA as a veteran-owned small business which requires having a D-U-N-S. I can't meet the requirements to get a D-U-N-S since they want an EIN confirmation letter, article of incorporation, utility bill, lease agreement, etc. none of which I have.
I want to do this before the end of the year so when I file my 2020 taxes it will be as "Business LLC" instead of in my name. I know a lot of banks, etc. will require two years minimum of tax returns before they'll think about a loan so I want to get the clock ticking now.
I came across a local provider that will create an LLC and operating agreement and provide some associated services such as mail forwarding, business address, registered agent, etc. for $200. There's no ongoing fees but they'll act as a registered agent for $75 a year which would keep it completely anonymous. That's not a huge deal to me and I'm not sure if it will just create more hassle when I try to get something like a business credit card or bank loan where my name wouldn't show up in any public records (i.e. Secretary of State's website). However, $75 a year is cheaper for a business address that getting a box at a UPS store and they'll forward the first couple of pieces of mail for free (don't expect to get a lot).