Is EIN required for LLC?

[cowboybuboy]

I just formed a LLC, do I need EIN for tax purposes?
Thanks!

[kikaider69]

From my perspective, i have an EIN for my LLC.  Your ein data will be eventually be sold to banks so that you will get business credit offers that you can apply in the name of your llc.  Then it wont be reflected in your credit score othere than as an inquiry. Hope this helps you.  I'll let the more knowledgeable members answer, this was one of the main reasons I formed the LLC to get the EIN.
steve

[Dave T]

If your LLC is a disregarded entity that has no employees, then you don't need an EIN.  You can still get one if you wish, otherwise just use your SSN.

[cowboybuboy]

Ok, if I'm going to use my SS# then, could I put my properties under the company name? Can I name the title under my current company?
Thanks!

[Topnotchthriller]

I would reccommened the EIN number opposed to your social security number.  Also I also suggest for each property, a seperate LLC.

[cowboybuboy]

Are there any tax benefits if I get an EIN compared to using my SS#?
THanks!

[Dave T]

Are there any tax benefits if I get an EIN compared to using my SS#?
THanks!

None at all.  Your taxes will be the same whether or not you have an LLC, regardless of the presence or absence of an EIN.

[yrush2000]

You want to use your EIN because the objective of a corp is to build its credit and remove your credit from the company. If you have to many loans on your personal social security number then you will kill your score plus any late payments or defaults will go directly to you. You want your company to be responsible for its debts not you personally. You should look into establishing more than 1 company and start establishing some credit for each corp you start. It will take 2 yrs to get a decent credit score once your started..get some gas cards to start out in the corp name..

[Dave T]

Let's not overlook the original question.

I just formed a LLC, do I need EIN for tax purposes?

You have received responses telling you to get an EIN to build credit history in your company name.  The rationale is that you want to get financing stuff out of your name and away from your credit report.

These are good reasons, but the answer to your original question is still unchanged in your situation -- you don't need an EIN for tax purposes.

[cowboybuboy]

Thanks everyone! I really appreciate it!

[DeeinAustin]

Get the EIN. It's free and easy. You just fill out one easy form.

NO you don't need it for tax, but you are in an investment forum.  It really helps to have credit in the company's name instead of yours. I have several bank accounts and credit cards in the company name instead of my own and it's great.

I find that it helps keep my score and debt ratio higher because my social doesn't show the debt of the companies.

[WilliamTyler]

Yes all types of Corps must have an EIN number you can go to IRS.GOV and get the number online

[Dave T]

William,

An LLC is not a corporation.  An EIN is not required if the LLC is a disregarded entity and has no employees.

[strted@22]

Howdy yall,

since were on the subject of personal debt and credit, can a person put their personal debt (credit cards, LOC for down payments on properties) under their newly established LLC? Since an individual didnt have knowledge about an LLC and their credit is low because of the excessive debt, can they now take his/her personal debt and put it under the new LLC?

git er dun

[WilliamTyler]

William,

An LLC is not a corporation.  An EIN is not required if the LLC is a disregarded entity and has no employees.

Excellent point Dave when would the LLC be a disregarded entity?  If the entity is disregarded then their would be no tax saving to the individual as well as any type of assett protection.  There is a form called a 8832 Entity classification form  Th Internal revenue service recognizes all newly formed LLC's as 1065 partnerships unless this form is filed to be able to classify the LLC and the way it shoudl file its taxes.  On this form it could be taxed as a c Corp a single member LLC a Partnership a Foreign Partnership or a Foreign Corporation.  Diregarded entity's only exist in the way of formation out of the country or "Off Shore" entities.  Just get the number and be done with it.  If not pay 30% in taxes every year