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EIN and LLC Question [PLEASE READ]

Discussion in 'Business & Tax Advice' started by LiamLC, Nov 7, 2009.

  1. LiamLC

    LiamLC Regular Member

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    Ok, I want to register an LLC to get an EIN. So, I saw this page on the IRS website:
    Code:
    http://www.irs.gov/businesses/small/article/0,,id=102767,00.html
    So, do I just fill out the online application? Or do I have to register the LLC with the state first then go to the online application and get my EIN? Or do I get an EIN when I register an LLC with my state (Georgia)?

    I am SO Confused! PLEASE HELP!

    Thanks
     
  2. digitalpower

    digitalpower BANNED BANNED

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    Instead of doing everything manually, I would recommend that you pay a company to setup your LLC for you.
     
  3. swinter84

    swinter84 Junior Member

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    Do you need an LLC or just an EIN?
     
  4. moneyandhotgayguys

    moneyandhotgayguys Registered Member

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    You need both.
    As I understand it, you need a corporate identity such as a LLC to register a EIN.
     
  5. Pofecker

    Pofecker Senior Member Premium Member

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    First you apply for your LLC (And get approved by your state), then you goto the IRS site to request your EIN.

    Try to create the company yourself if it's an LLC, it isn't hard.
     
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  6. killzone

    killzone Regular Member

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    You need the LLC before you can get the EIN. At the very least a DBA or Assumed Name form filed with your local Country Clerk's office. Otherwise the IRS has no reason to grant you an EIN. And EIN is to separate your finances from another entities' finances, like your business.

    And seriously the Please Read isn't necessary.
     
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  7. ForeverNever

    ForeverNever Power Member

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    Why did you put [PLEASE READ]
     
  8. LiamLC

    LiamLC Regular Member

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    Thanks. This is just what I need to know

    Because I need the answer ASAP and it's not hurting anyone
     
  9. xfactornos

    xfactornos Regular Member

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    You do not have to have a LLC to get a EIN. I have had my EIN for years now and its the only thing I use for taxes. I dont own a company or work for one so anyone can get a EIN.
     
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  10. Crazy

    Crazy Jr. Executive VIP

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    I don't understand? EIN is employer identification number; to employ, you must own a company. Am I missing something? :\

    Also, to the OP, get an LLC. Look into Legal Zoom (this is like the second time I've plugged that site ... lol), but I had a good experience and so did a friend. They handle everything for you, including adhering to all state regulations and applying for your EIN.
     
  11. nam6641

    nam6641 Supreme Member

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    You do not need a LLC to get an EIN:

    When you apply for an EIN you say what type of business you are. One option is:

    Sole Proprietor
    Includes individuals who are in business for themselves and household employers.

    https://sa1.www4.irs.gov/modiein/individual/legal-structure.jsp

    I'm surprised by the amount of bad information in this thread.

    It gives definitions of what this choice means:

    Sole Proprietor
    A sole proprietorship is a business that has only one owner and is not incorporated or registered with the state as a limited liability company (LLC). A sole proprietor can be a self-employed individual or an independent contractor. Sole proprietors (self-employed individuals) report all business income and expenses on their individual tax returns (Form 1040, U.S. Individual Income Tax Return, Schedule C, E, or F). A sole proprietor may or may not have employees.
    Household Employer
    You are a household employer if you have hired someone to do household work and that worker is your employee. Household employees include: babysitters, nannies, au pairs, cleaning people, housekeepers, maids, drivers, health aides, private nurses, caretakers, yard workers, and similar domestic workers.
     
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  12. Crazy

    Crazy Jr. Executive VIP

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    Cool, thanks for clarifying!
     
  13. robbyc

    robbyc Registered Member

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    Google Nevada corporations, very low cost, No Taxes, simple to set up-after setting up-
    apply for ein number
     
  14. ronsteve

    ronsteve Newbie

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    The three states to consider incorporating are Delaware, Nevada or Wyoming.
    Posted via Mobile Device
     
  15. nimbus49

    nimbus49 Elite Member

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    Nam is absolutely correct......(I worked for many years at a payroll company.)
     
  16. tyler8541

    tyler8541 Regular Member

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    From what I've been reading, Wyoming is now the best state to set up an LLC or Corp. NV just added more fee's and less privacy.

    BTW, if you are a sole proprietor isn't your EIN your SSN?
     
  17. c0nstant

    c0nstant Newbie

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    EIN looks a lot more professional, For whatever you go for check out legalzoom.com . I felt they were very good value compared to other professionals.
     
  18. WhoYoDaddy

    WhoYoDaddy Registered Member

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    Your only choices should either be LLC or S-corp. LLC = limited liability company which means you as the owner is protected from lawsuits / debt obligations your company may face. S-corp is a special type of corporation but that has special tax privileges and it saves you around 15% (at least at my location and jurisdictions) in addition to liability protection of an LLC.

    Sole proprietorship is bad because you cant write off as much as you could with other type of entities, you cant sell portions, if you get sued or have debts your personal assets are liable (ie. car, house, stocks, etc).

    You can find all the application forms for each state via Google. It is not brain science to understand how everything works. Usually its one company formation form, another for EIN application, another for S-corp upgrade. Everything you can find online if you do some research.

    I suggest you incorporate yourself and get your own address to use for registered agent. When you get a USPS mailbox it shows up as PO BOX address, when you get a UPS store or Mailboxes ETC (UPS bought them btw) you get a street address & #124. :)

    Happy Incorporating!!!