Single Member LLC

**hitman** · 07-31-2009 12:27 PM

Hello,

Scenario:
a) I just formed a Single member LLC.
b) I have a fulltime job.
c) I want to keep my business affairs and personal affairs as separate as possible.

Questions:
1) Do I need an EIN? I would like to make a corporate bank account to keep things separate. Do I use it on 1040 Schedule C, or use my SSN?
2) For reporting my income for tax purposes, I just need to fill out form 1040 Schedule C and report whatever is in my bank account? Or is there some special form for self-employment tax?

Thanks for your advice.

**sukie** · 07-31-2009 12:45 PM

You will need an ein number.

It acts like a sole proprietor if an LLC is single member. I don't recall what form taxes were under since I just started.
I recommend buying NOLOs LLC book as a guide. I don't work for NOLO but it is easy reading

**hitman** · 07-31-2009 08:19 PM

Can you provide a link? Thanks.

Looks like I will get an EIN, and open a corporate bank account.
Anyone know the answer about question #2? Will I use my SSN on 1040 sked C, or my EIN?

Thanks.

**fbctom** · 08-01-2009 10:42 PM

Hey Hitman, I'll try to help you here.

I opened up a LLC and the government views you and your LLC as one person, so if you use your SSN on your sched. C, you should be fine.

I would honestly find a real good accountant, and it will save you a lot of headaches. I pay $200 every year, get my taxes filed, and he answers my questions for free year around. Good luck!