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Title:LLC Federal Tax ID Number (EIN)
Duration:08:46
Viewed:262,739
Published:16-06-2016
Source:Youtube

*IMPORTANT: Make sure your LLC is approved BEFORE applying for an EIN. If you do the EIN first, you’ll be attaching the EIN to yourself personally (as a Sole Proprietorship)... and therefore, your personal assets will not be protected. IRS Online EIN Application: www.irs.gov/businesses/small-businesses-self-emplo… Our website: www.llcuniversity.com/ [=================================] -- WHAT IS AN EIN (FEDERAL TAX ID NUMBER)? -- A Federal Tax ID Number is issued by the IRS to business entities. It is also known as an EIN, or Employer Identification Number. For simplicity, we will refer to it as the EIN. An EIN is to a business what a Social Security Number is to an individual. It basically identifies your LLC to the IRS. Even though it is called an Employer Identification Number, it does not mean that you have to have employees. [=================================] -- WHAT IS ARE EINs USED FOR? -- EINs are used for: – Opening business checking, savings, or investment accounts. – Filing taxes. – Handling employee payroll (if applicable). – Obtaining business lines of credit or business loans. – Obtaining credit cards in the name of the LLC. – Applying for business licenses. [=================================] -- WHAT DOES AN EIN LOOK LIKE? -- An EIN is similar to a Social Security Number in that it has 9 digits. To differentiate an EIN from an SSN, there are 2 digits followed by a hyphen and then 7 more digits. An EIN will look like this: 68 – 3302189 [=================================] -- HOW MUCH DOES AN EIN COST? -- An EIN is free. You can obtain an EIN from the IRS: www.irs.gov/businesses/small-businesses-self-emplo… (unfortunately, many websites charge $50 – $100) [=================================] -- ALREADY HAVE AN EIN? -- If you already have an EIN (before forming your LLC), it’s most likely attached to a Sole Proprietorship. This is quite a common mistake. You’ll need to close out that EIN and get a different one for your LLC (after your LLC is approved). Here’s how to close out an EIN: www.llcuniversity.com/cancel-ein/ [=================================] -- QUESTIONS DURING APPLICATION -- If you have any questions or if there are any errors messages that appear during your EIN online application, please contact the IRS at 800-829-4933. You can find additional IRS phone numbers at this link: www.irs.gov/uac/telephone-assistance [=================================] -- FOREIGN NATIONALS & ITIN -- If you are a foreign national and you need to apply for your ITIN please see the following information on the IRS’s website: www.irs.gov/Individuals/Individual-Taxpayer-Identi… [=================================] -- OPENING A BUSINESS BANK ACCOUNT -- You will need your EIN and your approved LLC documents (Articles of Organization, Certificate of Organization, Certificate of Formation, etc) to open a business checking account. [=================================] -- DISCLAIMER -- This information is provided for educational purposes only and in no way constitutes legal, tax, or financial advice. For legal, tax, or financial advice specific to your business needs, we encourage you to consult with a licensed attorney and/or CPA in your state. LLC University® is a registered trademark of LLCU Media Group, LLC. © LLCU Media Group, LLC. All rights reserved. www.llcuniversity.com/ [=================================]

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