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Hi Jessie,
You can have as many Ebay IDs as you want, you just need a different email address for each of them. It's perfectly legal to create another selling account, I have two also, with a seperate Auctiva account for each one. However, you are only allowed 2 paypal accounts, one personal (for buying, for instance) and one premier or business. I would suggest linking both your seller IDs to the same PP account, they allow you 8 IDs I believe.
The only reason they would ever cancel one of your accounts would be if you were suspended on one and opened another. Otherwise it's just fine, lots of folks have more than one.

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