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Updated 3 months ago on . Most recent reply

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Bastien Granger
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First time buyer, LLC Registration question and looking for a new CPA.

Bastien Granger
Posted

Hi everyone,

I recently purchased my first rental property in Memphis, TN, and had my title company form an LLC to hold it. I'm now looking for a CPA referral, as I need some guidance on the next steps:

EIN or SSN?
From my research, since I have a simple situation (W-2 income, single-member/manager LLC, and only one property), an EIN isn't required. However, I've also read that in TN, it's recommended to have an EIN as the Secretary of State may publish records publicly, which could expose your SSN.

State Tax ID
Regardless of the first point, it seems I still need a TN Tax ID, but I’m not sure where to apply for one. 

Registering the LLC with the TN Department of Revenue
The title company tasked me to have a CPA register the LLC with the TN Department of Revenue. Is this the step to obtain the State Tax ID? I'm unclear on whether I actually need a CPA to do this, or if I can do it myself. I also haven't been able to find the proper place to register yet.

If anyone here has gone through this process in Tennessee or has a CPA they trust, I’d really appreciate a referral.

Thanks in advance for any insights or contacts you can share!
—Bastien

Most Popular Reply

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693
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Drago Stanimirovic
#2 New Member Introductions Contributor
  • Lender
  • Miami, FL
281
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693
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Drago Stanimirovic
#2 New Member Introductions Contributor
  • Lender
  • Miami, FL
Replied

Hey Bastien, good move forming the LLC. Yes, get an EIN, it protects your SSN and makes banking easier. To get your TN State Tax ID, register your LLC through the TNTAP portal at tntap.tn.gov. You don’t need a CPA to do it, but having one helps with TN-specific taxes.

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