You have created your LLC, now what? Now it’s time to apply for an EIN.
What is an EIN?
EIN stands for Employer Identification Number and is a 9-digit number specifically used to determine identification. It is also used for tax purposes.
How To Apply for an EIN?
First, you’ll want to visit the IRS website for EINs.
It is broken down into three easy steps:
- Determine Your Eligibility
- Understand The Online Application
- Submit Your Application
Please note, since you have created your LLC, you should be eligible to apply for an EIN. You are able to apply for an EIN online or fill out the Form SS-4 application and mail or fax it to the IRS. All of the options are free of cost.
If you want to apply online, you’ll be directed to an application, which should be fairly easier to answer. You are applying for an EIN for your LLC. It will ask questions like how many members are in your LLC, which would be either one (if just you), or adding up the others. It will also ask what state your business is physically located in.
Important Note: If you and your significant other are the only members of the LLC and both in a community property state, you have the option to be a single-member or multi-member LLC.
If you have lost or misplaced your EIN or unsure if you already have one, check the IRS website here.
Depending on the answers you provide, the website will direct you to the type of application you should be filling out. They will want to know why you are starting your LLC (did you start a new business, are you hiring employees, is it for banking purposes, etc.).
Then you’ll fill out the personal information requested such as name and social security number. This is also where you will establish your role in the LLC as an owner or a third party applying for the owner. Keep in mind you may also need to require a new EIN if your business changes or the ownership changes.
Finally, you will provide a physical address and any other questions they may ask. If you submitted online and everything checks out, you will receive an EIN number immediately.
If you have questions about the importance of an LLC or EIN, our Blink Investment team is more than happy to answer any questions or walk you through the process.