pk
Level 15
Level 15

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