- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
@jwhi096 agreeing whole heartedly with my colleague @DoninGA , I would still like to my two cents:
(a) EIN is a Business identification ( Employer's Identification Number ) and used for depositing withholding taxes of employees.
(b) An LLC with a single member ownership criteria is a "dis-regarded entity" ONLY for tax purposes. The protective veil that you get by using the LLC business name is significantly weakened if you use your own SSN for business purposes.
(c) Generally you should use a separate bank account with entity name and use this for all business purposes --- you do not want to co-mingle your own personal monies with the business and this is best done with a separate account.
Clearly this means more paperwork, but in case of an audit or "other exigencies" this will stand you in good stead.
pk