How to Get a Tax ID Number (EIN) for an LLC?

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There are several distinct pros to having an EIN in connection with your LLC.

Obtaining an EIN is a great way to ensure your LLC has all it needs to succeed.

Cons

Starting an LLC can be a great way for entrepreneurs to protect their business assets and separate personal debt from their business-related obligations. However, filing for an EIN, or employer identification number, which is typically required for LLCs, can have some drawbacks.

For any entrepreneur looking to open up their own LLC shop, it’s important to weigh the pros and cons of filing for an EIN before taking the plunge!

Determine Your Eligibility for Getting an EIN

If you are interested in obtaining an EIN, the first thing to do is assess if your entity qualifies under IRS requirements.

To be eligible for an EIN, your main business must be located in either a U.S. state or territory and you must possess a valid taxpayer identification number (e.g., SSN or EIN). Additionally, only one “responsible party” may submit their application per day!

According to the IRS, a responsible party is an individual who exerts ultimate control over their business entity and tax obligations. Furthermore, while non-U.S. citizens are eligible for an EIN number, they cannot apply online; U.S. citizens may utilize the convenient and secure online application process instead!

Applying for an EIN

Ready to apply for an EIN? You can find the form on the IRS website; however, you will need to dedicate a few minutes of undivided attention since it cannot be saved and must be completed in one session – typically within 15 minutes. If phone is more your style, contact the IRS at (800) 829-4933 and select “EIN” when prompted with options. So get ready – time to knock this application out!

Applying for an EIN online is the most convenient and prompt option. You just need to provide several details about your LLC, such as:

• Names and Social Security numbers of owners;
• Responsible party’s name;
• Business address and trade names;
• Start date of the company;
• Primary line of activity,
• Along with estimated number of workers.

And you’ll be assigned an EIN in no time!

With an EIN number, you can easily identify your business to the IRS. Not only that, but it is also a crucial part in setting up and operating any type of organization. The EIN provides access to banking services for businesses, helps obtain essential licenses and permits necessary for operations, as well as filing corporate tax returns efficiently each year.

How do I Obtain a Federal Tax ID When Forming an LLC?

To open a business bank account and hire employees, you will need an EIN (Employer Identification Number), also known as a Federal Tax ID Number. Luckily, obtaining this federal employer identification number, is effortless with the simple form that’s provided – take the necessary steps to get your LLC registered today!

Creating a limited liability company (LLC) requires you to apply for an employer identification number, or EIN. An EIN is like a Social Security number issued by the Internal Revenue Service and can be easily obtained with nothing more than completing one page of information. The nine-digit identifier allows your LLC to pay taxes as prescribed by law.

LLC Types and Taxes

When creating a Limited Liability Company (LLC) the Internal Revenue Service (IRS) will classify it as one of three business entities:

• Corporation,
• Partnership or
• Disregarded entity.

A multi-member LLC can choose to be classified as either a partnership or corporation; whereas, single-member companies must elect between being categorized as taxable disregarded entity or Corporation.

Furthermore, if s corporation or an individual owns a disregarded entity then it is considered a sole proprietorship and when under control by a Corporation ownership classifies that specific “entity” as its branch/division.

Does a Single-Member LLC Need a Federal Tax ID?

Generally speaking, a single-member LLC does not require its own federal tax ID. This is because the individual’s Social Security number can be used for taxation purposes and any business activities of the LLC will be reported on their personal and business tax returns. The only exception to this rule would apply if the disregarded entity has employees and pays either federal employment taxes or excise taxes; in those cases, it must acquire its own tax ID number as it is treated separately from its owner.

Obtaining a federal tax ID number is an essential step for single-member LLCs who wish to open business bank accounts or partake in other business activities. As such, many LLCs will obtain one of these state tax id numbers without fail.

How to Apply for an EIN?

Securing a federal and state tax- ID is one of the essential steps you must take to protect your personal assets from any business liabilities while enjoying key benefits that come with running an LLC. The carefully crafted structure of an LLC ensures optimal flexibility in managing your business and keeping it thriving.

If you want additional help, consider hiring a lawyer or other professional who can assist in filling out the required forms and make sure that no steps are overlooked.

To apply for an EIN specifically, take your pick:

• Online,
• Faxing it over to the IRS office,
• Mailing them with the completed application form or if you’re living outside of US borders dial up their hotline!

To obtain an IRS Form SS-4, one must submit the name and taxpayer identification number of the person or entity responsible for file taxes and running business operations. Furthermore, it is important to remember that the Internal Revenue Service restricts issuing EINs to only one per day per accountable party.

Apply Online

Apply by Fax or Mail

If You Misplace an EIN Number

Have you lost your EIN? Don’t fret! Simply call the IRS’s Telephone Assistance for Businesses, which the toll-free number is available on weekdays. The IRS will verify that they are speaking to the correct person and then provide them with their EIN.

For a range of business and tax purposes only, an LLC requires a federal tax ID number or EIN. The need for this increases if you open a business bank account or plan to employ staff members. Rather than spending time on tedious paperwork and filing the requisite documents yourself, enlist the help of reliable legal document firm that can take care of it all without any hassle – making launching your new venture easier!

Get Professional Help in Forming an LLC and EIN for You

It can be difficult and time-consuming to form an LLC all by yourself.
That’s why we decided to give you a few of the best options for professional services that can help you start an LLC in no time & with 0 effort!

You may also want to look at our best LLC services list here.

#1 – Create an LLC and Get EIN Using Northwest Registered Agent

Northwest has vast experience in creating LLCs and Corporations. They by far have the best support and client satisfaction rate. We’ve used and tested them ourselves and can guarantee that they’ll do an exceptional job for you.
We advise reading Northwest Registered Agent’s review here.

#2 – ZenBusiness Can Help You Form an LLC Along With EIN

ZenBusiness is one of our top-rated LLC services as well. They have a super value-to-price ratio. And it’s perfect for those who are looking for the cheapest option to form their LLCs. When we tested their service — they’ve done a great job, so we can honestly recommend them.
To know more about them — read our ZenBusiness review here.

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