[jaspervaz]

Hi, I'm the single owner/member of a new LLC, and am wondering if I need to apply for a TIN/EIN to open a business bank account, in my LLC's name?

Thanks! , Jasper

[GuyBBY]

Hi Jasper,

Technically, no, you can use your own SSN# as your EIN/TIN because it is only you. HOWEVER, to maintain the highest potential of limited liability, and to completely distinguish that level of separation between your personal liability and that of the LLC, you should get one. You want to maintain extremely well defined lines between you personally, and your LLC. It is very easy to get one, just visit Employer ID Numbers (EINs)

If you would like to discuss more PM me or post here. I am not a lawyer so this is not legal advice, I am simply advising on what I know from my own experience in starting up an LLC.

Best

Guy

[rogercbryan]

Do to the Patriot Act you will need and EIN to open a bank account using a fictious name. Once the IRS sends you a formal letter showing the EIN and the name of the business you can take that to the bank and most will open a new account for you. I have had a few banks who wanted complete copies of my articles of incorporation before. It's a pain but it makes sense as they do not want people setting up bank accounts with unregistered companies.