LLC: EIN number, do I need one?

[dondasz]

If you want a quick and easy way to get your tax id number go to Apply for a Tax ID Number Online - How to Apply for a Tax ID Number Online there is a fee but it is the quickest way to get your tax id number.

Good luck.

[LSnyder]

Hmmm interesting. I get EIN numbers for new businsses all the time and not only is it fairly quick, its free.

[LLCtaxes]

How about this....just get a tax id for free by filling out the SS4 on the IRS website. Then you can at least open a new bank account and set up a different set of books apart from your personal income and expenses. It's simple. Plus - you should not take the advice on this site as concrete. The free advice sometimes is the most costly. Hire a CPA.

[affinity1]

So a multimember LLC can be taxed as a pass through LLC or a Corporation. It is most common that a multimember LLC is taxed as a pass through though which would be equivalent to being taxed as a sole proprietor.

If your a single member LLC (SMLLC) you can be taxed either as a corporation or a single member "disregarded entity".

Can you clarify the differences between a single member LLC and a multi-member LLC? I'm in IL and plan on opening a business bank account, and will eventually have employees if that matters at all.

Thanks.

[GWARR]

Have a quick question regarding this that hopefully can be answered. I understand that an EIN number is not necessary for a SMLLC with no employees. I also understand that when filing taxes, you would list the income and losses under the personal income section. My question is, when working as an independent contractor (affiliate marketin, etc.), an employer will ask for your tax id and company name (if applicable) for employment. I have created an EIN for a checking account as well as to separate my business finances from personal as much as possible. Would I give the EIN number for my llc, or my SSN? Would it make a difference? I would prefer to use my EIn # to create as much separation between the llc business and myself as possible. Any feedback is greatly appreciated.

[jessiccarobertt]

If you started an LLC and made it known to your home state you have an EIN - If you have a bank account in the name of the LLC you should have had an EIN just to do that. Take a look at your filing for the original LLC and that number should pop up.
Finally, if you file state taxes of any kind your EIN and/or state ID number will turn up.
As everyone has written; and EIN is very, very important and you should have or get one ASAP.

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How to Apply for an EIN Online

[astaga]

QUESTION:

How many EIN is needed when there is 2 LLC present?
Would the one EIN first obtained for the first LLC be used again for the second LLC?

All LLC are SMLLCs.

Thanks for clarifying this up.........