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Tax ID number needed for an LLC?
Q: I recently formed a limited liability company. The LLC has no employees. Do I need a federal tax ID number?
A: Yes. This federal tax ID number, called an employer identification number (EIN) — whether you have any employees — is entered on the LLC's tax return. It's also required to open a business bank account and to set up a qualified retirement plan. Note: Technically, if you're a one–member LLC who reports business income on your personal return (Schedule C), you don't need an EIN — you can use your Social Security number on the return. But you still need an EIN for other the purposes.
To obtain an employer tax identification number (EIN), file IRS Form SS–4 with the IRS (instructions to the form provide expedited procedures for obtaining a number by phone). Download the form at www.irs.gov.
To obtain an employer tax identification number (EIN), file IRS Form SS–4 with the IRS (instructions to the form provide expedited procedures for obtaining a number by phone). Download the form at www.irs.gov.
Some issues discussed in the expert forum are complex and continually changing.We recommend you consult a professional advisor about your specific circumstances, needs, and applicable laws. More details.