I read this and it all applies to me however I will be receiving checks in the name of the LLC. So I don't need an EIN for the LLC but I'm sure I would need it to open a bank account. How do people operate an LLC without a separate EIN?
If you are a sole proprietor who conducts business as a limited liability
company (LLC), you do not need a separate EIN for the LLC, unless you are
required to file employment or excise tax returns. A limited liability company
is an entity formed under state law by filing articles of organization as an LLC.
An LLC owned by one individual is automatically treated as a sole proprietorship for federal income tax purposes (referred to as an entity to be disregarded as
separate from its owner). Report the business activities of the LLC on your Form
1040 using a Schedule C, Schedule C-EZ or Schedule F.
You *NEED* to open a business account. Period. Now a vast majority of banks *REQUIRE* you to have an EIN for your business in order to open a business account. I don't see this as an issue since it takes less than 10 minutes to get the *FREE* EIN directly from the IRS at https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-n...
Now-a-days there are so many banks that offer free small business checking, there's no reason or excuse for not opening a business account, just as there's no valid reason or excuse for not obtaining an EIN for your business.
Another good reason to get an EIN for the business is to not have to give your SSN out to all of your vendors. If they ask for a W-9 to help them report 1099s then you will have to give out your SSN.