I've just incorporated an LLC (single person). I have no plans to immediately hire someone. Do I need an EIN? Should I get one anyway?

Yes you will require an EIN number as a single member LLC. You will require this to open a bank account, various permits, and licenses, filing taxes, hiring employees.

EIN is the unique identification number similar to SSN for individuals. IRS has made it very easy to apply for an EIN # online.

Also, please note that you may require SSN # to open an EIN. However, if you do not have an SSN #, there is  another process to obtain a EIN from IRS. Many CPA firms can assist you with this process.


** Our response to a question asked on quora.

Posted In: Tax

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