EIN For My One-Member LLC

Written by Peter Tran

July 12, 2017

do i neED to get an EiN (Employer iD Number) when i’m the only member of LLC? One of the most important reasons that a business owner decides to establish LLC (LimitED Liability Company) with only one member in the business is that they want to protect their personal assets from any loss that the […]

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Do I to get an EIN (Employer ID Number) when I’m the only member of LLC?

One of the most important reons that a business owner decides to establish LLC (Limited Liability Company) with only one member in the business is that they want to protect their personal sets from any loss that the business may cause.

Limited Liability Company is relatively to set up, but the tax payment is not clear because there is no separate tax clsification for LLC. The business owner of LLC should decide which tax clsification they are going to file on: sole proprietorship, partnership, or corporation.

A singlemember Limited Liability Company is clsified a “Disregarded Entity” by default, and treated a sole proprietorship for income tax report.

One may file their business income on their personal tax return, Form 1040 using their Social Security Number (SSN) when they are the only member of their business. So why do we want to obtain EIN in this ce?

Let’s say that I, a business owner whose LLC h only one member, myself, want to open a bank account for the business. They k me if I want to use my SSN for my LLC business account. Well, the reon that I set up LLC w that I didn’t want to mix my personal sets with my business. So do I want to use my social security number to open a business account? Shouldn’t I make my business a separate entity possible to gain better protection against personal liability?

According to some reports, in certain circumstances, some courts may decide that an LLC didn’t practically exist and its owner ran the business an individual rather than an LLC when he or she h paid tax on their personal tax return.

Here is the summary of the benefits of using EIN over SSN for an singlemember LLC.

For the above reons, it’s advised that a business owner may acquire EIN from the IRS even for onemember LLC.

Acquiring EIN is very simple and takes less than 10 minutes.
Get an EIN for your single member LLC.

This post is not intended to constitute the rendering of legal, accounting, or other professional s or to serve a substitute for such s.

By Russell, May 2, 2009 @ 11:38 am

I just received s to some old business questions from your website. I understand the significant points of having an EIN now.

By Mass Kash Media, July 15, 2009 @ 7:00 pm

So if I’m receiving money from sources that are going to 1099 me at the end of the year, is it better to give them my SSN or my LLC’s EIN. I’m a SMLLC so it’s only me that h to worry about paying any ts an employee.

By Misty Tolman, July 23, 2009 @ 10:47 pm

I w wondering…If I have a EIN under a sole proprietor and want to start another business and make my second business a LLC business do I to apply for a second EIN?

By admin, October 12, 2009 @ 5:11 pm

You may only one EIN, but I’d consult a or tax advisor.

Hope this IRS publication s:
http://www.irs.gov/pub/irs-pdf/p1635.pdf

>>You do not a new EIN if any of the following are true:
>>• You change the name of your business
>>• You change your location or add locations (stores, plants, enterprises or branches
of the entity)
>>• You operate multiple businesses (including stores, plants, enterprises or branches
of the entity)

Source

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Do I need to get an EIN (employer id number) when I’m the only member of LLC? One of the most important reasons that a business owner decides to establish LLC (Limited Liability Company) with only one member in the business is that they want to protect their personal assets from any loss that the […]

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How To Really REALIZE DREAMS COME TRUE?

Happiness is for those who plan well and pursue. A profound among us have been proven those who have true dream to live for likely REALIZED IT. It is just simply the person working toward the DREAM days and night until accomplishment. There is a phrase of efficiency a head of you. Steps and obstacles at first seem tremendous. However, just with some times those difficult steps and challenges are so easy performance for you. There are also plenty of tools including VISUALIZATIONS and helps are around you.

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