If your business structure is a partnership or multi-member LLC, you will need to get an EIN number. This is because the LLC must file a partnership return and provide K-1s to members of the LLC and those forms require an EIN number. An EIN might not be required for your LLC, but an EIN can make it easier to successfully run your business.
How is an EIN assigned to a business?
An employer identification number, or EIN, is a nine-digit number similar to a Social Security number. It is assigned to a business entity by the IRS. Business entities that are required to file various tax returns use their EIN the same way an individual uses his or her Social Security number.
Do you need an EIN number for a sole proprietorship?
Sole Proprietorship Tax Treatment. (That is, if you don’t make an election, your single-member LLC will be treated as a sole proprietorship.) As a sole proprietorship doing business through an LLC, you do not need a separate EIN number unless you have employees or are required to file excise tax returns.
Who is the Ein responsible party for a LLC?
If your LLC is owned by another company (like another LLC or Corporation), the EIN Responsible Party must be an individual person and they must use their SSN or ITIN on the application. You can’t list the parent company as the EIN Responsible Party and use its EIN (even though it looks like you can).
How long does it take to get an EIN number?
Eligible EIN applicants receive their EIN number immediately after submitting their forms on the IRS website. Applications sent by mail or fax can take 4 weeks to process. After forming an LLC, when do I get an EIN number?
Do you need a new Ein to change your business name?
Although changing the name of your business does not require you to obtain a new EIN, you may wish to visit the Business Name Change page to find out what actions are required if you change the name of your business.